Other things constant, which of the following would tend to increase the demand for Toyota autos?
A) A fall in the price of Toyotas
B) A fall in the price of Chryslers (a substitute for Toyotas)
C) A rise in income, if Toyotas are a normal good
D) A rise in income, if Toyotas are an inferior good
C
Economics
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What does the revenue equivalence theorem state?
What will be an ideal response?
Economics
For a perfectly competitive firm, which of the following is not true at profit maximization?
A) Marginal revenue equals marginal cost. B) Price equals marginal cost. C) Market price is greater than marginal cost. D) Total revenue minus total cost is maximized.
Economics