The shape of the firm's marginal revenue curve depends on
A. how high production is.
B. how many competitors it has.
C. how high its costs are.
D. whether the firm is a profit maximizer.
Answer: B
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Refer to Figure 8A.1. Suppose that the economy starts with a capital stock of K0. Then total saving is given by point ________ and depreciation by point ________
A) c; d B) b; a C) d; c D) a; b
College students and faculty members have a more elastic demand than the general public for Apple's iMac desktop computers. From this we can conclude that
A) Apple will earn economic profits from the computers it sells to the general public but will break even on the computers it sells to college students and faculty members. B) Apple will charge college students and faculty members lower prices than it charges the general public. C) the general public will earn arbitrage profits by buying iMac desktop computers from Apple and reselling them to college students and faculty members. D) Apple will charge college students and faculty members higher prices than it charges the general public.
In the short run, if prices are fixed, the aggregate supply curve is
A. vertical B. upward sloping. C. horizontal. D. downward sloping.
According to Dallas Federal Reserve economist W. Michael Cox, taken to its extreme, the logic of "buying American" implies that:
A. we should buy everything from abroad. B. people should only consume what they can produce themselves. C. consumers should only buy goods from other states. D. the best quality goods are found in the United States.