Author Question: Which of the following is not true for a firm in perfect competition? A) Price equals average ... (Read 56 times)

codyclark

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Which of the following is not true for a firm in perfect competition?
 
  A) Price equals average revenue.
  B) Average revenue is greater than marginal revenue.
  C) Marginal revenue equals the change in total revenue from selling one more unit.
  D) Profit equals total revenue minus total cost.

Question 2

Refer to Table 10-6. What is Jay's optimal consumption bundle?
 
  A) 1 burger and 2 cans of Pepsi B) 2 burgers and 3 cans of Pepsi
  C) 3 burgers and 2 cans of Pepsi D) 3 burgers and 1 can of Pepsi


Swizqar

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Answer to Question 1

B

Answer to Question 2

B



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