The marginal revenue curve is ________ the demand curve, and that total revenue reaches a ________ where marginal revenue is zero
a. below; minimum
b. below; maximum
c. above; minimum
d. above maximum
b
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Government purchases include all of the following except:
A. the construction of a new court house built by a county government. B. the purchase of new military hardware by the U.S. Army. C. social security benefits paid by the federal government. D. the salary paid to an elementary school teacher employed by a local public school district.
The public debt neither adds to nor subtracts from national production or consumption, but
a. if the bondholders are only the rich, the rich lose in the long run b. poorer people, because they hold fewer bonds, end up paying less taxes c. no individuals lose because everyone holds debt d. individuals may gain or lose depending on whether they hold debt e. neutrality of the debt means it is a win/win situation for everyone
Eric lost his job because a recession caused his employer's sales to fall. This is an example of:
A. involuntary unemployment. B. frictional unemployment. C. structural unemployment. D. cyclical unemployment.
Refer to the diagram. If actual production and consumption occur at Q3,
What will be an ideal response?