The Total Revenue Curve of a Perfectly Competitive Firm

question 224

Multiple Choice

The total revenue curve of a perfectly competitive firm

• A)is horizontal
• B)is vertical
• C)has a diminishing slope as output increases
• D)has an increasing slope as output increases
• E)has a constant slope as output increases

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Definitions:

Folkway

Socially accepted norms or patterns of behavior that, while not moral imperatives or laws, guide everyday interactions and practices within a culture.

Sanction

A threatened penalty for disobeying a law or rule, or an official approval or endorsement of an action.

Informal Norm

Unwritten and unofficial rules and behaviors that are understood and followed by members of a society without formal instruction.

Formal Sanctions

Official and authorized penalties or rewards imposed by a governing body or institution to enforce rules or laws.