Which of the following statements regarding a competitive market is not correct?
a. There are many buyers and many sellers in the market.
b. Because of firm location or product differences, some firms can charge a higher price than other firms and still maintain their sales volume.
c. Price and average revenue are equal.
d. Price and marginal revenue are equal.
b
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Which one of the following was a basic economic conflict between the North and the South in the years preceding the Civil War?
A. The North opposed the high protective tariffs the South supported to protect its manufactured goods. B. The South opposed the high protective tariffs the North supported to protect its manufactured goods. C. The North demanded the abolition of slavery. D. The North opposed the building of a transcontinental railroad.
If a single bank has $25,000 in excess reserves and the desired reserve ratio is 20 percent, what is the maximum this bank can loan?
A) $125,000 B) $20,000 C) $5,000 D) $30,000 E) $25,000
A congested street is ________ in consumption
A) excludable and rival B) non-excludable but rival C) excludable but non-rival D) non-excludable and non-rival
According to the quantity theory of money, the inflation rate equals
A) real output minus the money supply. B) the growth rate of the money supply minus the growth rate of real output. C) the growth rate of real output minus the growth rate of the money supply. D) the money supply minus real output.