Which of the following is TRUE for a monopolistically competitive firm?
A. MR = AFC
B. MR > P
C. MR < P
D. MR = P
Answer: C
Economics
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Suppose that Apple computer buys computer components for $10,000 and uses them to make ipods that they sell to Best Buy for $30,000 . Best Buy sells these ipods for $32,000 . As a result, GDP has risen by:
a. $22,000 b. $2,000 c. $20,000 d. $32,000
Economics
Alison consumes only tea and cookies and consumes them only in equal proportions. What is Alison's income elasticity of demand for tea?
What will be an ideal response?
Economics