Author Question: A monopolistically competitive firm is producing an output level at which marginal revenue is less ... (Read 58 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
A monopolistically competitive firm is producing an output level at which marginal revenue is less than marginal cost. This firm should __________ quantity and __________ price to increase profit or reduce losses.
 a. increase, increase
  b. increase; decrease
  c. decrease; increase
  d. decrease; decrease
  e. increase; not change

Question 2

A good that is rival but nonexclusive is called
 a. a private good
  b. a public good
  c. a quasi-private good
  d. an external good
  e. an open access good



aadams68

  • Sr. Member
  • ****
  • Posts: 317
Answer to Question 1

C

Answer to Question 2

E



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

For a complete list of videos, visit our video library