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

Author Question: When the marginal cost of a price-taker firm is more than the market price of its product, the firm ... (Read 76 times)

lbcchick

  • Hero Member
  • *****
  • Posts: 550
on: Jun 30, 2018
When the marginal cost of a price-taker firm is more than the market price of its product, the firm should:
 a. expand output.
  b. reduce output.
  c. maintain output.
  d. charge more than the market price.

Question 2

The number of satellite dishes increased by 50 percent when the average monthly price of cable TV increased by 10 percent. Assuming that other factors are held constant, satellite dishes and cable TV are classified as:
 a. complements.
  b. unrelated goods.
  c. substitutes.
  d. social goods.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lauravaras

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


lbcchick

  • Member
  • Posts: 550
Reply 2 on: Jun 30, 2018
Excellent

Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
Importance of Considering Gestalt Principles in Product Design (2 of 2) Importance of Considering Gestalt Principles in Product Design (2 of 2)
Cost of Going to School Cost of Going to School
Find derivative using product rule Find derivative using product rule
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
The functional role of pRB. The pRB protein product of RB1 The functional role of pRB. The pRB protein product of RB1
Video: Introduction to Herpes

For a complete list of videos, visit our video library