Refer to the diagram, which pertains to a purely competitive firm. Curve C represents:
A. total revenue and marginal revenue.
B. marginal revenue only.
C. total revenue and average revenue.
D. average revenue and marginal revenue.
D. average revenue and marginal revenue.
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Why do economists regard who is legally responsible for paying the tax to be irrelevant?
What will be an ideal response?
Under a flexible exchange-rate system, an increase in the demand for Japanese yen would cause the U.S. dollar—Japanese yen exchange rate to
A) fall. B) rise. C) remain unchanged, because supply also increases. D) remain unchanged, because the exchange rate is set by the central bank.
Which of the following correctly identifies an advantage of using adjusted R2 over R2?
A. Adjusted R2 corrects the bias in R2. B. Adjusted R2 is easier to calculate than R2. C. The penalty of adding new independent variables is better understood through adjusted R2 than R2. D. The adjusted R2 can be calculated for models having logarithmic functions while R2 cannot be calculated for such models.
Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to
A) Canadian manufacturers. B) the Canadian government. C) manufacturers who export to Canada. D) Canadian consumers.