Marginal revenue at the profit-maximizing/loss-minimizing amount is
A. $4.
B. $12.
C. $14.
D. $20.
B. $12.
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Even if all individual demand curves are downwardly sloped, the market demand curve may slope upward.
Answer the following statement true (T) or false (F)
Which of the following is a danger of high rates of inflation?
a. Price changes encourage long-term contracts at the expense of short-term contracts. b. Rapid price changes reduce uncertainty. c. Inflation increases the real value of assets, such as stocks and bonds. d. Inflation will encourage people to spend less time producing and more time trying to protect the value of their assets.
What is the marginal rate of substitution between two goods and how is it related to the indifference curve?
What will be an ideal response?
According to the theory of comparative advantage, specialization and free trade will benefit
A. only that trading party that has both an absolute advantage and a comparative advantage in the production of all goods. B. only that trading party that has an absolute advantage in the production of all goods. C. only that trading party that has a comparative advantage in the production of all goods. D. all trading parties, even when some are absolutely more efficient producers than others.