_____________is the extra revenue associated with the production and sale of one additional unit of output.
Fill in the blank(s) with the appropriate word(s).
Ans: marginal revenue
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Which of the following groups of people will NOT be considered as employed?
A) Government representatives earning a fixed salary every month B) Housewives raising kids at home C) Paid workers in the agricultural sector of a country D) Teachers in public schools
Using the above figure, of the prices below, which price enables a perfectly competitive firm to earn the maximum economic profit?
A) $4 per unit. B) $10 per unit. C) $12 per unit. D) $16 per unit.
Barriers to entry reduce the likelihood that price-setter firms will see their positive economic profits competed away over time
Indicate whether the statement is true or false
The supply curve for portable charcoal grills shifts
a. only when production technology changes. b. when a determinant of the supply of portable charcoal grills other than the price of portable charcoal grills changes. c. when any determinant of the supply of portable charcoal grills changes. d. only when the number of sellers of portable charcoal grills changes.