For every firm that faces a downward-sloping demand curve for its output,
a. marginal cost exceeds marginal revenue at all output levels
b. marginal revenue equals the price of the last unit sold
c. marginal revenue is less than the price of the last unit sold
d. marginal revenue exceeds the price of the last unit sold
e. marginal cost exceeds the price of the last unit sold
C
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The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?
A) up to 500 bagels B) up to 2000 bagels C) up to 3000 bagels D) up to 3500 bagels
A trade deficit occurs when:
a. a country imposes a price floor on the good in which it has a comparative advantage. b. a country's imports exceed its exports. c. a country imposes a price ceiling on the good in which it has a comparative advantage. d. a country's exports exceed its imports. e. the domestic product market is in disequilibrium.