Microeconomics

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In a perfectly competitive market, marginal revenue is the same as the market price. a. True b. ... Started by jake	1 Replies 87 Views	Jun 30, 2018 by epscape
Transaction costs increase the economic value of an exchange. Indicate whether the statement is ... Started by danielfitts88	1 Replies 69 Views	Jun 30, 2018 by ErinKing
Whenever marginal revenue is greater than marginal cost, a profit-maximizing firm should reduce its ... Started by berenicecastro	1 Replies 137 Views	Jun 30, 2018 by IRincones
The higher the transaction cost of an exchange, the lower the probability of the exchange taking ... Started by Collmarie	1 Replies 87 Views	Jun 30, 2018 by nital
Economic profits in a perfectly competitive industry will encourage entry of new firms, which will ... Started by lak	1 Replies 110 Views	Jun 30, 2018 by Kjones0604
A production point is economically efficient as long as it lies within the production possibilities ... Started by beccaep	3 Replies 98 Views	Jun 30, 2018 by mistyjohnson
A firm that is earning zero economic profits has a strong incentive to exit the industry. a. True ... Started by ap345	1 Replies 106 Views	Jun 30, 2018 by jamesnevil303
Natalie can produce 6 shirts in a day, or cook three meals. Her opportunity cost of producing a ... Started by pragya sharda	1 Replies 138 Views	Jun 30, 2018 by SamMuagrove
In short-run equilibrium in a perfectly competitive market, firms always make zero economic profit. ... Started by Arii_bell	1 Replies 283 Views	Jun 30, 2018 by ms_sulzle
In a two-person economy, Adam and Brandon both produce corn and cars. Adam's marginal cost of ... Started by lilldybug07	1 Replies 155 Views	Jun 30, 2018 by ngr69
If price is less than the average variable cost, firms that seek to maximize profit should shut ... Started by faduma	1 Replies 88 Views	Jun 30, 2018 by manuelcastillo
Specializing on the basis of marginal cost of production and trading allows both parties to consume ... Started by BRWH	1 Replies 92 Views	Jun 30, 2018 by SamMuagrove
Firms should shut down in the short run whenever price is less than the average total cost. a. True ... Started by bobthebuilder	1 Replies 55 Views	Jun 30, 2018 by kilada
If a country has absolute advantage in the production of all goods, then it will have no incentive ... Started by Sufayan.ah	3 Replies 55 Views	Jun 30, 2018 by potomatos
In long-run equilibrium, a perfectly competitive firm produces the output level that minimizes ... Started by pepyto	1 Replies 76 Views	Jun 30, 2018 by olivia_paige29
With technological developments, more resources are discovered which change production sets for ... Started by Marty	1 Replies 96 Views	Jun 30, 2018 by ebonylittles
In order to maximize profits, a firm should produce the level of output at which total revenue is ... Started by genevieve1028	1 Replies 214 Views	Jun 30, 2018 by Dunkey
The laws of contracts and their enforceability in court determine the range of transactions that we ... Started by kaid0807	1 Replies 54 Views	Jun 30, 2018 by kkenney
Perfectly competitive firms earn zero economic profit in the long run. a. True b. False Indicate ... Started by charchew	1 Replies 82 Views	Jun 30, 2018 by mariahkathleeen
Standardized goods and services sold in the market are likely to have high switch-over costs. ... Started by darbym82	1 Replies 94 Views	Jun 30, 2018 by Perkypinki
The behavior of an individual perfectly competitive firm has a perceptible influence on the market ... Started by bcretired	1 Replies 49 Views	Jun 30, 2018 by Kdiggy
When a hierarchy is in place where one person can give orders which others must follow, the price of ... Started by leo leo	3 Replies 99 Views	Jun 30, 2018 by tjayeee
As an industry's output increases, the industry's demand for the inputs that it uses will also ... Started by scienceeasy	1 Replies 82 Views	Jun 30, 2018 by scikid
An exchange will take place between two parties as long as: a. the seller benefits from it. b. the ... Started by renzo156	1 Replies 51 Views	Jun 30, 2018 by Liddy
In a constant cost industry, the cost curves of individual firms will shift upward as the industry ... Started by ssal	1 Replies 175 Views	Jun 30, 2018 by dominiqueenicolee