The slope of the total product curve always equals
A) the ratio of the marginal product and the average product.
B) the change in input divided by the change in output.
C) the average product of the input.
D) the marginal product of the input.
D
Economics
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If a firm can increase its sales only by lowering its price, then
A) the firm is a price searcher. B) the firm's marginal revenue will be less than price. C) the demand curve for the firm's product is negatively sloped. D) all of the above are true.
Economics
Refer to Figure 15-2. If the firm's average total cost curve is ATC1, the firm will
A) suffer a loss. B) break even. C) make a profit. D) face competition.
Economics