QuizMaster A. decreased production
B. maintained production at the current level
C. temporarily shut down.
D. increased production
A. total revenue divided by the quantity sold
B. equal to the quantity of the good sold
C. average revenue divided by the quantity sold
D. equal to the price of the good sold
A. electricity
B. cable television
C. cola
D. milk
E. All of these answers represent competitive markets
A. Price equals marginal revenue
B. price is greater than marginal revenue
C. price equals total revenue
D. price equals total cost
A. The price covers average variable cost
B. The price covers variable cost
C. The price covers average fixed cost
D. The price covers fixed costs
A. Total revenue is maximized
B. Marginal revenue equals zero
C. Marginal revenue equals marginal cost
D. Marginal revenue equals average cost
A. perfectly elastic demand curve
B. perfectly inelastic demand curve
C. perfectly elastic supply curve
D. perfectly inelastic supply curve
A. Keeg balanced budget, a price target
B. slow economic growth under colonial capitalism
C. minimizing public spending in the rural areas
D. western countries, nation-state ideology
I- The technical coefficients are fixed which means so substitution between inputs occurs
II- There are no externalities so that the total effect of carrying out several activities is the sum of the separate effects
III- Each good is produced by only one industry and each industry produces only one commodity
IV- There is no technical change
A. I and II only
B. I, II, III only
C. I, II, IV only
D. I, II, III and IV
A. has failed
B. works well in Utopia
C. is widely used in sub Saharan Africa
D. is the only way to eradicate poverty?