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Author Question: A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at ... (Read 48 times)

chandani

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on: Jun 30, 2018
A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at the output level at which:
 a. marginal revenue equals marginal cost.
  b. total revenue equals total cost.
  c. total revenue is at a maximum.
  d. none of these.

Question 2

When economists look at the percentage change in quantity demanded generated by a change in income, they are looking at:
 a. price elasticity of demand.
  b. income elasticity of demand.
  c. price elasticity of supply.
  d. cross elasticity of demand.
  e. cross elasticity of supply.


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nital

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


chandani

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Reply 2 on: Jun 30, 2018
Wow, this really help

Dominic

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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