For a firm in a perfectly competitive industry, the demand curve for its own product is
A) downward sloping.
B) vertical.
C) always above the marginal revenue curve.
D) the same as the marginal revenue curve.
Answer: D
Economics
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Suppose that an expected increase in ethanol demand increases the intercept of the demand curve in the previous question(question 57)by $1.00. If corn production stays at 12 billion bushels, the price of corn will be
A. $3.00 B. $4.00 C. $5.00 D. $6.00
Economics
Gigantic State University raises tuition for the purpose of increasing its revenue so that more faculty can be hired. GSU is assuming that the demand for education at GSU is:
A. decreasing. B. relatively elastic. C. perfectly elastic. D. relatively inelastic.
Economics