For a perfectly competitive firm,
a. P = AR at all levels of output
b. P = AR at the profit-maximizing quantity only
c. P > AR at all levels of output
d. P < AR at the profit-maximizing quantity only
e. P < AR at all levels of output
A
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If you were a member of the NBER business-cycle dating committee, would you declare that the U.S
economy is now in a recession? Why? Describe the major variables that you would look at to determine whether the economy is in a recession or not, and what features of the data you would look for.
The law of demand is illustrated by a demand curve that is:
a. horizontal. b. downward-sloping. c. vertical. d. upward-sloping.
If the price of a depleting resource does not rise as anticipated, it may be because
A. the government prohibited the methods to extract the resource. B. new methods of mining or refining were developed. C. a price floor was passed by law. D. firms that distribute the resource cartelized.
When demand is elastic, if we were to raise price, total revenue would ______; when demand is inelastic, if we were to raise price, total revenue would _______.
Fill in the blank(s) with the appropriate word(s).