For a perfectly competitive firm, average revenue is:
a. equal to marginal cost at all levels of output
b. equal to marginal revenue at all levels of output.
c. equal to price at all levels of output.
d. characterized by both (b) and (c).
d
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Appendix: In Dutch auctions, the bidding
a. starts low and rises until the highest bidder wins. b. is done in secret "sealed bids" which are opened at a specified time. c. begins with a very high price, and is reduced until the first person takes it. d. is accomplished by giving the price of the second highest bid to the highest bidder.
The nominal exchange rate is 15 crowns per florin, the domestic price level is 6 florins/bottle, and the foreign price level is 2 crowns/bushel.(a)What is the real exchange rate?(b)What is the real exchange rate in the foreign country?(c)If the domestic price level rises to 8 florins/bottle, what must the nominal exchange rate become if the real exchange rate remains unchanged?
What will be an ideal response?
If the government of a developing country is having difficulty selling bonds to build an irrigation system, it could go to the
A) United Nations International Bank. B) World Bank. C) International Monetary Organization. D) Federal Reserve Bank.
Refer to Figure 24-2. Ceteris paribus, a decrease in the labor force would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.