Any firm's total revenue equals
A) MR × q.
B) P × q.
C) P/q.
D) MR/q.
B) P × q.
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Which of the following is always true for a perfectly competitive firm?
a. Marginal revenue is below price. b. Marginal revenue exceeds price. c. The market demand curve is a horizontal line. d. Price equals marginal revenue. e. The market supply curve is a horizontal line.
Which of the following would be considered an unfair labor practice by a union?
a. a strike called by one union in support of another union's strike b. calling for a strike c. demanding a wage rate increase when the firm is in financial trouble d. boycotting the employer's goods e. demanding that the employer bargain in good faith
The concept of vertical equity is that
A. income should be taxed instead of property. B. property should be taxed instead of income. C. there should be little movement up or down the social scale. D. persons who are unequal should be treated unequally.
Over the last four decades the U.S. had
A. only balanced budgets. B. only surpluses. C. only deficits. D. both deficits and surpluses.