For a perfectly competitive firm, which of the following is NOT true?
A) The average revenue curve, the demand and the marginal revenue curves are identical.
B) The total revenue curve begins at the origin and slopes upward as output increases.
C) The slope of the total revenue curve is equal to the product price.
D) The total revenue curve is horizontal.
Answer: D
Economics
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The amount of work a person will do as wage increases depends entirely on the size of the wealth effect. ?
Answer the following statement true (T) or false (F)
Economics
A curve that describes the relationship between income and the amount of a good consumed (holding the consumer's preferences and all other prices fixed) is called:
A. a price-consumption curve. B. the Engel curve. C. an income-consumption curve. D. a budget line.
Economics