The marginal revenue curve of a perfectly competitive firm
A) has a vertical intercept equal to exactly one-half of the vertical intercept for the demand curve.
B) lies below the demand curve and above the average revenue curve.
C) intersects the average revenue curve from above at the maximum point of the average revenue curve.
D) is also the demand curve faced by the firm.
D
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If worker output is not measurable in physical units, and employees are hard to monitor, it would be best to organize the firm using
A) a command system. B) a monitoring system. C) an incentive system. D) None of the above answers is correct.
Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes (assume that potatoes are an inferior good) to decrease?
A) a technological advancement that results in a bumper crop of potatoes B) a freeze that sharply reduces potato output C) a decrease in consumer income D) an increase in consumer income
An upward-sloping supply curve of Korean won in terms of Canadian dollars indicates that:
a. the higher the dollar price of Korean won, the more won will be demanded. b. the higher the dollar price of Korean won, the fewer won will be supplied. c. the lower the dollar price of Korean won, the more won will be demanded. d. the lower the dollar price of Korean won, the fewer won will be supplied. e. the Korean economy is stronger than the Canadian economy.
How does the ratio of CEO pay in the U.S. compare with that ratio in Japan?
A. It is much lower. B. It is slightly lower. C. It is slightly higher. D. It is much higher.