A perfectly competitive firm has a total revenue curve that is
A) upward sloping with an increasing slope.
B) downward sloping with a constant slope.
C) upward sloping with a decreasing slope.
D) upward sloping with a constant slope.
D
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In markets-oriented systems an under-performing "entrenched" management is often replaced by
A) SEC regulators. B) a hostile takeover. C) stockholders electing a new board of directors to fire the managers. D) the bank that owns the firm firing them.
All of the following are shortcomings of GDP as a measure to human well-being except it:
a. Excludes non-market transactions. b. Excludes international transactions. c. Excludes black market and underground transactions. d. Excludes quality improvements that do not increase price or quantity sold. e. Excludes the value of leisure time.