The summation of all individual firm marginal cost curves above the minimum of the average variable cost curve:
A. is the market shut-down point.
B. is the market demand curve.
C. is the market marginal revenue curve.
D. is the market supply curve.
Answer: D
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If a firm experiences constant returns to the variable input in the short run:
A) marginal product will be greater than average variable product, but the two will become more equal as output increases. B) marginal product will be less than average variable product, but the two will become more equal as output increases. C) marginal product will be greater than average variable product, and the difference between the two will become larger as output increases. D) marginal product and average variable product will be equal over the range of output in question.
Real income in yearX equal to:
a. x 100 b. c. x 100 d. yearX nominal income x CPI.
The relationship between the real interest rate and investment is shown by the:
A. investment demand schedule. B. consumption of fixed capital schedule. C. saving schedule. D. aggregate supply curve.
If the government wants to regulate a natural monopoly, it will force the firm to set price equal to
A) average cost. B) marginal cost. C) marginal revenue. D) None of the above.