The total revenue of a purely competitive firm from 8 units of output is $48. Based on this information, total revenue for 9 units of output must be:
A. $52
B. $54
C. $58
D. $60
B. $54
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
In the above table, the technique that is not technologically efficient is
A) A. B) B. C) C. D) D.
Suppose the equilibrium price of oranges is $0.79 an orange, but government takes steps to prevent the price from exceeding $0.60 an orange. The likely result will be a:
A. shortage of oranges as the price ceiling keeps the market from reaching equilibrium. B. higher equilibrium price for oranges as the demand curve for oranges shifts to the right. C. lower equilibrium price for oranges as the supply curve for oranges shifts to the right. D. surplus of oranges as the price ceiling keeps the market from reaching equilibrium.
The term "fiscal federalism" refers to
a. deficit financing of government programs. b. the power of Congress to tax and to determine how tax revenues are spent. c. transferring money between levels of government (for example, from a state government to a local government). d. the system under which governments ask citizens to vote on major revenue-raising measures (for example, on issues of municipal bonds).