If a firm in a perfectly competitive market faces a market price of $4, and it decides to produce 700 units, the firm's average revenue will be:

If the U.S. interest rate is 4% per year and the U.K. interest rate is 9% per year, then:

a. an investor will see no reason to invest in the United Kingdom. b. an investor will borrow money in the United Kingdom and invest it in the United States. c. an investor can borrow money in the United States and invest it in the United Kingdom and profit. d. an investor will find that the returns are the same in both countries.

Which of the following does not illustrate opportunity cost?

a. If I study, I must give up going to the football game. b. If I buy a computer, I must do without a 35" television. c. If I spend more on clothes, I must spend less on food. d. All of these illustrate opportunity cost.