« previous next »

Author Question: If a perfectly competitive firm raises the price it charges to consumers, which of the following is ... (Read 25 times)

SGallaher96

  • Hero Member
  • *****
  • Posts: 509
on: Jun 29, 2018
If a perfectly competitive firm raises the price it charges to consumers, which of the following is the most likely outcome?
 
  A) The firm's total revenue will increase only if the demand for its product is elastic.
  B) The firm's total revenue will increase only if the demand for its product is inelastic.
  C) The firm will not sell any output.
  D) The firm's revenue will not change because some consumers will refuse to pay the higher price.

Question 2

If marginal utility of apples is diminishing and is a positive amount, consuming one more apple will cause
 
  A) a consumer to go beyond her optimal consumption of apples.
  B) total utility to decrease.
  C) a consumer to get no satisfaction from consuming apples.
  D) a consumer's total utility to increase.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Moriaki

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Competitive inhibition Competitive inhibition
J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
Student Raises Hand in Class Student Raises Hand in Class
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 ...
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ... Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ...
Video: The Nerve Impulse

For a complete list of videos, visit our video library