In the short run, a firm will stay in business as long as:
a. price equals average revenue.
b. marginal revenue is greater than or equal to marginal cost.
c. price exceeds average variable cost.
d. price is less than average variable cost.
c
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The short-run effect of an increase in the supply of money is
A) an increase in the price level, a decrease in real Gross Domestic Product (GDP), but an increase in nominal national income. B) an increase in the price level but not in real Gross Domestic Product (GDP). C) an increase in both real Gross Domestic Product (GDP) and the price level. D) an increase in real Gross Domestic Product (GDP) but not in the price level.
A perfectly competitive firm is producing 50 units of output, which it sells at the market price of $23 per unit. The firm's average total cost is $20. What is the firm's total revenue?
A) $23 B) $150 C) $1,000 D) $1,150 E) $20