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

Author Question: Which of the following statements is true of market prices in a perfectly competitive market? A) ... (Read 68 times)

Bernana

  • Hero Member
  • *****
  • Posts: 530
on: Jun 29, 2018
Which of the following statements is true of market prices in a perfectly competitive market?
 
  A) Market prices are determined by the government.
  B) Market prices allow for efficient allocation of scarce resources.
  C) Market prices are not stable and fluctuate widely.
  D) Market prices do not act as incentives for buyers.

Question 2

If the Palace Cinema can sell 200 tickets at 4 and 300 tickets at 3, our best estimate of the marginal revenue from sale of the 250th ticket is
 
  A) 4.
  B) 3.50.
  C) 3.
  D) 1.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dmurph1496

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

D


Bernana

  • Member
  • Posts: 530
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

mjenn52

  • Member
  • Posts: 351
Reply 3 on: Yesterday
Wow, this really help

« 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?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

True Friendship True Friendship
A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact, A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact,
Competitive inhibitor Competitive inhibitor
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Stock Market Question Stock Market Question
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Video: Skin Cancer

For a complete list of videos, visit our video library