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ECO105 Chapter 9

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Title of test:
ECO105 Chapter 9

Description:
N/A bruh

Author:
AVATAR

Creation Date:
03/12/2020

Category:
Others

Number of questions: 14
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Content:
When a firm is a price taker, marginal revenue is equal to the price. marginal revenue is greater than the price. marginal revenue is equal to zero. marginal revenue is negative.
When a firm is a price maker, the firm will sell more if it raises the price. the firm will sell less when it raises its price. the firm will sell more if it does not change the marginal revenue. the firm will sell more if it does not change its price.
Marginal revenue is less than the price for price-taking firms in market structures other than perfect competition. is less than the price for price-making firms in market structures other than perfect competition. is less than the price for price-making firms in perfect competition. equals the price for price-making firms in market structures other than perfect competition.
Marginal revenue equals the price for price-taking firms in market structures other than perfect competition. is less than the price for price-taking firms in perfect competition. equals the price for price-making firms in perfect competition. equals the price for price-taking firms in perfect competition.
Marginal revenue is revenue you get from selling all the units of your product. is the revenue you get from selling one more unit of your product or service. depends on fixed costs. is always less than the price.
Which of the following statements about the one-price rule is correct? The one-price rule is the reason marginal revenue is less than price for price makers. The one-price rule says that firms must only charge one price for all units sold. According to the one-price rule, marginal revenue equals the price for price takers. According to the one-price rule, firms agree on the price they will charge.
Which of the following statements about the one-price rule is correct? The one-price rule says that firms must only charge one price for all units sold. According to the one-price rule, marginal revenue is larger than the price for price makers. According to the one-price rule, firms agree on the price they will charge. According to the one-price rule, products easily resold tend to have a single price in a market.
At a price of $60, Jan only sold 3 kisses at her charity fundraiser last week. Last night, she dropped her price to $55 and sold 4 kisses. Jan's marginal revenue is $60 $40 $180 $5.
For a one-price monopolist, raising the price will always increase total revenues. increase marginal costs. decrease marginal revenues. increase marginal revenues.
If you own a hair and nail salon and are NOT operating near capacity, your marginal cost of serving another customer is constant. equal to your marginal revenue. zero. increasing.
If you own a movie theatre and are operating near capacity, your marginal cost of providing an additional seat is equal to your marginal revenue. increasing. decreasing. constant.
If you own a hair and nail salon, the marginal cost of completing another manicure includes the liability insurance cost. includes the technicians' wages. includes the rent for the space. includes the cost of polish used.
Many businesses face increasing marginal costs because most businesses are near capacity. in order to increase output, you have to purchase more inputs. a business may have to shift to more expensive sources of inputs in order to increase output. when the price falls, output decreases.
Smart decisions include considering marginal costs. total costs. sunk costs. all of the other answers.
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