Author Question: Under both perfect competition and monopoly, a firm: a. is a price taker. b. maximizes profit by ... (Read 66 times)

notis · **on:** Jun 30, 2018

Under both perfect competition and monopoly, a firm:
a. is a price taker.
b. maximizes profit by setting marginal cost equal to marginal revenue.
c. will shut down in the short-run if price falls short of average total cost.
d. always earns a pure economic profit.

Question 2

Utils are used by economists to measure the satisfaction a person obtains from consuming a good.
a. True
b. False
Indicate whether the statement is true or false