Any firm's total revenue equals
A. P/q.
B. MR/q.
C. MR × q.
D. P × q.
Answer: D
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A manager believes there is a 10 percent chance their firm will have to pay $1,000,000 and a 90 percent chance they will be found innocent and pay nothing except the legal fees of $200,000. If the manager chooses to not settle for $300,000 and to enter the litigation instead, which of the following is true?
A) The manager is a risk lover. B) The manager is risk averse. C) The manager is risk neutral. D) The manager is risk intolerant.
In the circular-flow diagram, firms consume all the goods and services that they produce
a. True b. False Indicate whether the statement is true or false
Drug companies tend to attribute higher drug prices on
A. pharmacies charging too much for drugs. B. the low percentage of attempts that actually result in revenue producing drugs and pharmacies that charge too much for drugs. C. the low percentage of attempts that actually result in revenue producing drugs. D. doctors distributing too many free samples.
The figure above portrays a total revenue curve for a perfectly competitive firm. The price of the product in this industry
A) equals $0.50. B) equals $1.00. C) equals $2.00. D) cannot be determined.