Author Question: If, for the last bushel of apples produced and sold by an apple farm marginal revenue exceeds ... (Read 88 times)

KWilfred

  • Hero Member
  • *****
  • Posts: 570
If, for the last bushel of apples produced and sold by an apple farm marginal revenue exceeds marginal cost, then in producing that bushel the farm
 
  A) added an equal amount to both total revenue and total cost.
  B) added more to total cost than it added to total revenue.
  C) maximized its profits or minimized its losses.
  D) added more to total revenue than it added to total cost.

Question 2

Consider a U-shaped long-run average cost curve that has a minimum efficient scale at 6,000 units of output. In this case, this industry would be
 
  A) an oligopoly if the market quantity demanded is 18,000 units.
  B) perfectly competitive if the market quantity demanded is 20,000 units.
  C) an oligopoly if the four-firm concentration ratio is more than 10 percent.
  D) monopolistically competitive if the market quantity demanded is 12,000 units.


cupcake16

  • Sr. Member
  • ****
  • Posts: 309
Answer to Question 1

D

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

For a complete list of videos, visit our video library