The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A. Consumers know their preferences.
B. Consumers know their income levels.
Consumers know the prices available.
D. Consumers can anticipate price changes.
E. Firms know their costs, prices and technology.
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Revenue is equal to
A. price times quantity.
B. price times quantity minus total cost.
C. price times quantity minus average cost.
D. price times quantity minus marginal cost.
E. expenditure on production of output.
Marginal revenue, graphically, is
A. the slope of a line from the origin to a point on the total revenue curve.
B. the slope of a line from the origin to the end of the total revenue curve.
C. the slope of the total revenue curve at a given point.
D. the vertical intercept of a line tangent to the total revenue curve at a given point.
E. the horizontal intercept of a line tangent to the total revenue curve at a given point.
A firm maximizes profit by operating at the level of output where
A. average revenue equals average cost.
B. average revenue equals average variable cost.
C. total costs are minimized.
D. marginal revenue equals marginal cost.
E. marginal revenue exceeds marginal cost by the greatest amount.
Marginal profit is equal to
A. marginal revenue minus marginal cost.
B. marginal revenue plus marginal cost.
C. marginal cost minus marginal revenue.
D. marginal revenue times marginal cost.
E. marginal revenue divided by marginal cost.
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