Author Question: In the short run both the monopolistically competitive firm and the perfectly competitive firm will ... (Read 49 times)

Brittanyd9008 · **on:** Jun 30, 2018

In the short run both the monopolistically competitive firm and the perfectly competitive firm will charge a price equal to marginal cost.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A bus is mostly filled with passengers and ready to travel from Los Angeles to San Francisco. At the last minute, a person comes running up to the bus and takes a seat. The change in the bus company's total cost as a result of transporting one more passenger on this trip is called:
a. marginal cost.
b. average total cost.
c. variable cost.
d. fixed cost.
e. opportunity cost.