The slope of the consumption function is
A) equal to the MPC and is equal to 1.
B) not equal to the MPC and is equal to 1.
C) equal to the MPC and is less than 1.
D) equal to the MPC and is greater than 1.
E) not equal to the MPC and is less than 1.
C
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The efficient price of a license fee is determined by the difference between
a. Marginal revenue and marginal cost b. Average revenue and marginal cost c. Total revenue and total cost d. Average revenue and total cost e. Total revenue and marginal cost
A supply curve
A) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. B) is the relationship between the supply of a good and the cost of producing the good. C) is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange. D) is a table that shows the relationship between the price of a product and the quantity of the product supplied.