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

Author Question: If a perfectly competitive firm charges the market price of 14 per unit, a. its marginal revenue is ... (Read 55 times)

bcretired

  • Hero Member
  • *****
  • Posts: 525
on: Jun 30, 2018
If a perfectly competitive firm charges the market price of 14 per unit,
 a. its marginal revenue is 14, and its average revenue is less than 14 per unit
  b. it will sell no output
  c. its average revenue is 14, and its marginal revenue is less than 14 per unit
  d. its average revenue is 14, and its marginal revenue is 14
  e. its average and marginal revenue are 14 only for the first unit sold

Question 2

For a monopolist,
 a. marginal revenue and price are constant as quantity increases
  b. marginal revenue falls but price is constant as quantity increases
  c. marginal revenue is constant but price falls as quantity increases
  d. both marginal revenue and price fall as quantity increases, but price falls faster
  e. both marginal revenue and price fall as quantity increases, but marginal revenue falls faster


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

DylanD1323

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

E


bcretired

  • Member
  • Posts: 525
Reply 2 on: Jun 30, 2018
Excellent

alexanderhamilton

  • Member
  • Posts: 334
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

The modern decimal position system was the invention of the Hindus (around 800 AD), involving the placing of numerals to indicate their value (units, tens, hundreds, and so on).

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.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Schematic of Rectification Unit Schematic of Rectification Unit
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
The hazmat training pyramid. It is important to train from the ground up, starting with a firm grasp ... The hazmat training pyramid. It is important to train from the ground up, starting with a firm grasp ...
In ABC, A=90, b=3 cm, c=7 cm. Solve for all unknowns to the nearest tenth of a unit. In ABC, A=90, b=3 cm, c=7 cm. Solve for all unknowns to the nearest tenth of a unit.
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
Orientation and structure of a nephron, the functional unit of the kidney. Orientation and structure of a nephron, the functional unit of the kidney.
Video: Brief Summary on Photosynthesis - Animation

For a complete list of videos, visit our video library