In the above figure, if the milk industry is perfectly competitive, then the firm's marginal revenue curve is represented by
A) curve F.
B) curve G.
C) curve H.
D) curve I.
C
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What is marginal analysis?
What will be an ideal response?
All of the following occur whenever a government taxes a product except
A) the quantity consumed of that product falls. B) the price of that product rises. C) there will be no excess burden if the government's tax revenue is sufficiently large to offset the deadweight loss. D) the marginal benefit of the last unit sold exceeds the marginal cost of producing it.
Paper Pushers Inc. hires workers in a competitive labor market. Apart from labor, the company has no other variable inputs. The company's hourly output varies with the number of workers hired, as shown in the table. WorkersPages/hour0014027531054125514061507155 If the market price of each page is $5, the first worker's VMP is ________ per hour, and the third worker's VMP is ________ per hour.
A. $200; $150 B. $200; $525 C. $20; $525 D. $20; $15
It is efficient not to alter the amount of pollution produced by the market.
Answer the following statement true (T) or false (F)