When a firm faces a downward-sloping demand curve, marginal revenue
a. is constant regardless of how much output the firm produces
b. is less than price
c. increases as the firm produces more output
d. decreases if the firm produces less output
e. is equal to the price per unit of output
B
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Suppose that in a perfectly competitive market, firms are making an economic profit. In the long run, we know for sure that
a. some firms will leave the market b. the market price will rise c. the market supply curve will shift to the left d. economic profit will become zero e. production will be less than short-run production
The United States has less income inequality than
a. Ethiopia. b. United Kingdom. c. Vietnam. d. Mexico.
One way to express the classical idea of monetary neutrality is to draw
a. a downward-sloping short-run Phillips curve. b. an upward-sloping short-run Phillips curve. c. a downward-sloping long-run Phillips curve. d. a vertical long-run Phillips curve.
?Marginal propensity to consume is equal to the change in ____ divided by the change in ____
a. consumption spending; total income b. saving; total income c. saving; disposable income d. consumption spending; disposable income