A perfectly competitive firm sells its output for 100 per unit and marginal cost is 100 per unit. To maximize short-run profit, the firm should:
a. increase output.
b. decrease output.
c. maintain its current output.
d. shut down.
Question 2
If a 1 percent change in income generates a greater than 1 percent change in quantity demanded of boating expenditures, then boating is an:
a. example of Engel's law.
b. inferior good.
c. income inelastic good.
d. income elastic good.
e. example of a substitute good.
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