« previous next »

Author Question: If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should ... (Read 158 times)

Coya19@aol.com

  • Hero Member
  • *****
  • Posts: 601
on: Jun 29, 2018
If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should
 
  A) reduce its output.
  B) increase its output.
  C) lower the price.
  D) keep output constant and enjoy the above normal profit.

Question 2

The income effect of a decrease in the price of legal services, a normal good, results in
 
  A) an increase in the demand for legal services.
  B) an increase in the quantity of legal services demanded.
  C) a decrease in the demand for legal services.
  D) a decrease in the quantity of legal services demanded.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


mcni194

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

There are immediate benefits of chiropractic adjustments that are visible via magnetic resonance imaging (MRI). It shows that spinal manipulation therapy is effective in decreasing pain and increasing the gaps between the vertebrae, reducing pressure that leads to pain.

projections of future oil production projections of future oil production
Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ... Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ...
World Crude Oil Production, 1900–2010 World Crude Oil Production, 1900–2010
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
question in cost accounting question in cost accounting
Production of ABO blood group antigens Production of ABO blood group antigens
Video: Stroke volume - contractility definition

For a complete list of videos, visit our video library