The marginal revenue curve coincides with the demand curve of a firm that engages in perfect price discrimination
a. True
b. False
A
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A firm would find it profitable to increase its production when
a. its marginal revenue exceeds its marginal cost. b. its fixed costs decrease. c. higher resource costs raise its marginal costs. d. new competitors reduce the demand for the firm's product.
Automatic stabilizers are provisions in the law which create automatic ________ in government spending or ________ in taxes when real output declines.
A. decreases; decreases B. increases; increases C. increases; decreases D. no change; no change
Poland is classified as
A) an advanced economy. B) a developing economy. C) a transition economy. D) an emerging market economy. E) private economy.
Suppose you pre-ordered a non-refundable movie ticket to X-Men: Apocalypse. On the day of the movie you decide that you would rather not go to the movie. According to economists, what is the rational thing to do?
A) You should go to the movie to maximize your utility. B) You should not waste resources. Since you have paid for the ticket you should watch the movie. C) Your should go to the movie to minimize your losses. D) Since the cost of the movie ticket is a sunk cost, it should not influence your decision. Your decision should be based solely on whether you want to see the movie or not.