This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When the marginal cost of a price-taker firm is more than the market price of its product, the firm ... (Read 78 times)

lbcchick

  • Hero Member
  • *****
  • Posts: 550
on: Jun 30, 2018
When the marginal cost of a price-taker firm is more than the market price of its product, the firm should:
 a. expand output.
  b. reduce output.
  c. maintain output.
  d. charge more than the market price.

Question 2

The number of satellite dishes increased by 50 percent when the average monthly price of cable TV increased by 10 percent. Assuming that other factors are held constant, satellite dishes and cable TV are classified as:
 a. complements.
  b. unrelated goods.
  c. substitutes.
  d. social goods.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lauravaras

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


lbcchick

  • Member
  • Posts: 550
Reply 2 on: Jun 30, 2018
Excellent

coreycathey

  • Member
  • Posts: 333
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

The hazmat training pyramid. It is important to train from the ground up, starting with a firm grasp ... The hazmat training pyramid. It is important to train from the ground up, starting with a firm grasp ...
Does It Cost More to Eat Healthy? Does It Cost More to Eat Healthy?
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Cost Accounting 14 Cost Accounting 14
Find the derivative using the product rule Find the derivative using the product rule
Use the product rule to find derivative Use the product rule to find derivative
Video: Body plan of euglena Animation

For a complete list of videos, visit our video library