For a perfectly competitive firm
A. price is greater than marginal revenue.
B. price is less than marginal revenue.
C. price equals marginal revenue.
D. there is no relationship between price and marginal revenue.
Answer: C
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Poorly performing financial markets can be the cause of
A) wealth. B) poverty. C) financial stability. D) financial expansion.
Refer to the above table. If opportunity costs are constant, the two countries will gain from trade at a rate of exchange of
A) 0.1 computer for 1 bicycle. B) 5 computers for 1 bicycle. C) 1 computer for 1 bicycle. D) 8 bicycles for 1 computer.
Specialization and trade allow an economy to expand its:
a. production possibilities. b. consumption possibilities. c. technological advantage. d. absolute advantage.
In a perfectly competitive market, a decrease in output could be caused by
a. an increase in consumer demand b. a technological innovation c. a decrease in input prices d. a decrease in consumer demand