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Author Question: If a perfectly competitive firm charges more than the market price, then it loses all of its ... (Read 40 times)

arivle123

  • Hero Member
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on: Jun 30, 2018
If a perfectly competitive firm charges more than the market price, then it loses all of its customers.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Which of the followingbestdescri bes the economic concept of utility?
 a. Utility is the total number of units a consumer buys.
  b. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility.
  c. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service.
  d. None of the above are correct.


trampas

  • Sr. Member
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Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

c


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