« previous next »

Author Question: A firm sells grapefruit in a perfectly competitive market at a price of 1.50 per pound. The firm's ... (Read 104 times)

natalie2426

  • Hero Member
  • *****
  • Posts: 524
on: Jun 30, 2018
A firm sells grapefruit in a perfectly competitive market at a price of 1.50 per pound. The firm's marginal revenue:
 a. equals 1.50.
 b. is less than 1.50.
 c. is greater than 1.50.
 d. cannot be determined from the information provided.

Question 2

Inefficient use of resources leads to:
 a. production bundles inside the production set.
  b. production bundles outside the production set.
  c. a reduction in the production set.
  d. production of a combination on the production set.


macmac

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

competitive inhibition competitive inhibition
Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
A company that sells sweatshirts finds that the profit can be modelled by P(s)= ... A company that sells sweatshirts finds that the profit can be modelled by P(s)= ...
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ... Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ...
Video: Homeostasis (range of body conditions, normal limits, mild stresses & severe stresses)

For a complete list of videos, visit our video library