The marginal revenue product curve slopes downward only if the firm is a price searcher in the product market
a. True
b. False
B
You might also like to view...
Considering the concept of rational behavior, which of the following requests will likely get the most help?
a. Could you call me at your convenience to give me tips about investing? b. Could you meet with me right away to give me investment advice? c. Could you provide me with a detailed list of investment advice as soon as possible? d. Could you drive 20 miles to my house to give me investment advice?
Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions."
A. John Maynard Keynes B. Alfred Marshall C. Adam Smith D. President Harry Truman
A significant advantage to being a member of a trade bloc is
A. reduced or eliminated tariffs among member countries. B. reduced tariff rates only for the largest member countries. C. higher tariff collections from member countries. D. None of these; there is no economic advantage to a trade bloc.
If a typical monopolistically competitive firm is incurring short-run losses, then
A) other more competitive firms will enter the market. B) as some firms leave, the remaining firms will experience an increase in the demand for their products. C) as some firms leave, the demand for the products of the remaining firms will become more elastic. D) the industry will eventually cease to exist.