The profit-maximizing firm will be earning total revenue of about
A. $720
B. $556.
C. $400.
D. $650.
A. $720
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Is a monopolistically competitive firm allocatively efficient?
A) No, because it does not produce at minimum average total cost. B) Yes, because price equals average total cost. C) No, because price is greater than marginal cost. D) Yes, because it produces where marginal cost equals marginal revenue.
Assume that a firm is operating in the short run and all resources are fixed except for labor. The total product curve for this firm will increase at a decreasing rate because:
a. value of marginal product of labor is unchanged as more labor is hired. b. marginal product of labor will decline as more labor is hired. c. value of marginal product of labor will increase as more labor is hired. d. marginal product of labor is unchanged as more labor is hired.
If interest rates in Canada fall below those in the rest of the world, then
a. it depreciates Canada's exchange rate and this may result in a surplus on Canada's current account b. the demand for Canadian dollars increases c. exports from Canada to other countries decrease d. imports into Canada from other countries increase e. the balance of payments becomes negative
What does it mean for a buyer or seller to be a price taker?