The marginal revenue curve of a firm coincides with the average revenue curve under perfect competition
a. True
b. False
Indicate whether the statement is true or false
True
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If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
The age-earnings profile for most people indicates
A) earnings rise continually until a person retires. B) earnings initially decline and then rise continually until retirement. C) that when you adjust for inflation, earnings are constant throughout the entire workplace experience. D) earnings rise until the age of about 50 and then begin to fall until retirement.
The American Medical Association, a physicians' union, is a good example of a(n):
A. Demand-enhancing union B. Craft union C. Inclusive union D. Industrial union
If the price is greater than the marginal cost of producing a good, the seller has
A) no benefit from the sale. B) a loss. C) some producer surplus from the sale. D) some negative consumer surplus from the sale. E) None of the above answers is correct.