The slope of the total revenue curve for a perfectly competitive firm is determined by:
a. the price of a good
b. the quantity of a good.
c. the marginal cost.
d. the average variable cost.
a
Economics
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If the wage rate is ________ the value of marginal product, a firm can increase its profit by ________
A) greater than; selling an extra unit of output B) less than; selling one less unit of output C) less than; hiring an extra worker D) less than; hiring one less worker
Economics
Voluntary restraint agreements:
A. are prohibited by NAFTA. B. hurt consumers in both the short run and the long run. C. hurt workers in both the short run and the long run. D. do not affect imports in both the short run and the long run.
Economics