When a certain competitive firm produces and sells 100 units of output, marginal revenue is $80 . When the same firm produces and sells 200 units of output, what is average revenue?
a. $40
b. $80
c. $160
d. This cannot be determined from the given information.
b
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Equalization of resources across school districts would be less of a concern if _____
a. there was no link between spending and achievement b. there was a strong link between spending and achievement c. classroom teachers were better paid d. taxpayers were willing to spend more
From Equation (7.1 ) in the book, the short-run marginal cost of production is MC = w/MPL. Based on this equation, which of the following statements is NOT true?
A) If the marginal product of labor is constant, then MC is constant. B) If the marginal product of labor is a concave curve, then the MC curve is also concave. C) If the marginal product of labor is a concave curve, then the MC curve is U-shaped. D) MC increases as the marginal product of labor declines.
A monopoly is a market with one
a. seller, and that seller is a price taker. b. seller, and that seller sets the price. c. buyer, and that buyer is a price taker. d. buyer, and that buyer sets the price.
Here is a consumption function: C = C0 + MPC(Yd). If MPC is 0.75, then we know that
A) as Yd rises by $1, Co rises by $0.75. B) as Yd rises by $1, C rises by $0.75. C) Yd rises by $0.75. D) as C0 rises by $0.75, Yd rises by $1.