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Author Question: When a monopolistically competitive firm lowers its price, one good thing happens to the firm. What ... (Read 87 times)

Garrulous

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on: Jun 29, 2018
When a monopolistically competitive firm lowers its price, one good thing happens to the firm. What is this one good thing called?
 
  A) the income effect B) the price effect
  C) the substitution effect D) the output effect

Question 2

Which of the following statements is false?
 
  A) In the short run: total cost = fixed cost + variable cost.
  B) Variable costs are costs that change as output changes.
  C) An explicit cost is a nonmonetary opportunity cost.
  D) In the long run there are no fixed costs.


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briseldagonzales

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

C


Garrulous

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

kalskdjl1212

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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