A firm’s price is
A. greater than average revenue.
B. greater than marginal revenue.
C. less than marginal cost.
D. equal to average revenue.
Answer: D
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The figure above shows the demand for fruit snacks. Which movement reflects a decrease in population?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that the production possibilities frontier for that area temporarily
A) shifted inward, toward the origin. B) shifted outward, away from the origin. C) became flatter. D) became steeper.
Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8, the quantity demanded for each person is 5 . When the price is $4, the quantity demanded for each person is 9 . Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is $6?
a. 700 b. 1,200 c. 400 d. 1,000 e. 100
Firms make a profit when they equate marginal revenue with marginal cost
Indicate whether the statement is true or false