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Tutor profile: Keaton C.

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Keaton C.
Economics Tutor
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Questions

Subject: Economics

TutorMe
Question:

Where does MR=MC apply? A. Applies only to perfect competition. B. Applies only to pure monopoly. C. Does not apply to pure monopoly because price exceeds marginal revenue. D. Applies both to pure monopoly and perfect competition.

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Keaton C.
Answer:

The correct answer to this question is D, Applies both to pure monopoly and pure competition. MC and MR are abbreviations related to the Profit Maximization Rule formula. The formula is MC = MR, in which MC stands for Marginal Cost. MR stands for Marginal Revenue. When more units of goods are produced, the costs increases, which is the Marginal Cost. Marginal Revenue is the slop of the Total Revenue.

Subject: Microeconomics

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Question:

1.) A rational decision maker does what? 2.) What is comparative advantage based on? 3.) If demand is price inelastic, then:

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Keaton C.
Answer:

1.) Takes an action only if the marginal benefit of that action exceeds the marginal cost of that action. 2.) Opportunity cost 3.) Buyers do not respond much to a change in price.

Subject: Macroeconomics

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Question:

When a country devalues its currency, we expect that:

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Keaton C.
Answer:

Income will rise because the devaluation stimulates aggregate demand.

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