For a perfectly competitive firm
A) price is greater than marginal revenue.
B) price equals marginal revenue.
C) price is less than marginal revenue.
D) there is no relationship between price and marginal revenue.
Answer: B
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Refer to Figure 12-9. Identify the short-run shut down point for the firm
A) a B) b C) c D) d
A person is risk averse if:
A. his indifference curve is tangent to the constant expected consumption line at a point on the guaranteed consumption line. B. he views variability as a bad thing. C. for a given level of expected consumption, he prefers the riskless bundle to a risky one. D. All of these answer choices are correct.
Which of the following goods is the most liquid?
A. House B. Saving deposit C. Painting by Monet D. Antique sword from WWI
Which of the following about inflation is true?
a. High rates of inflation are usually associated with wide year-to-year changes in inflation. b. High rates of inflation are usually associated only with very large countries such as the United States. c. High rates of inflation are usually associated only with smaller countries such as Costa Rica. d. High rates of inflation will generally improve the economic efficiency of an economy.