If a perfectly competitive firm sells 10 units of output at a market price of $5 per unit, its marginal revenue per unit is:
a. $5.
b. $50.
c. more than $5 but less than $50.
d. less than $5.
a
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The Herfindahl-Hirschman Index measures market concentration in an industry by summing the square of the percentage market shares for
A) the 4 largest firms. B) the 50 smallest firms. C) the 4 smallest firms. D) the 50 largest firms. E) all firms in the market.
Institutions that make loans to borrowers and obtain funds from savers are called
A) financial markets. B) financial intermediaries. C) financial conglomerates. D) financial branches.
If producers must obtain higher prices than before to produce a given level of output, then the following has occurred:
A. A decrease in demand. B. An increase in demand. C. A decrease in supply. D. An increase in supply.
If the marginal benefit per dollar spent on good X is greater than the marginal benefit per dollar spent on good Y, the consumer should consume more X and less Y.
Answer the following statement true (T) or false (F)