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Author Question: Which of the following is not true for a firm in perfect competition? A) Price equals average ... (Read 72 times)

codyclark

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on: Jun 29, 2018
Which of the following is not true for a firm in perfect competition?
 
  A) Price equals average revenue.
  B) Average revenue is greater than marginal revenue.
  C) Marginal revenue equals the change in total revenue from selling one more unit.
  D) Profit equals total revenue minus total cost.

Question 2

Refer to Table 10-6. What is Jay's optimal consumption bundle?
 
  A) 1 burger and 2 cans of Pepsi B) 2 burgers and 3 cans of Pepsi
  C) 3 burgers and 2 cans of Pepsi D) 3 burgers and 1 can of Pepsi
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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Swizqar

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


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codyclark

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Reply #2 on: Jun 29, 2018
Thank you :)


Swizqar

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Reply #3 on: Jun 29, 2018
Happy to help you


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