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Author Question: If the marginal cost of a perfectly competitive firm producing a good is 50 and the market price of ... (Read 67 times)

saraeharris

  • Hero Member
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  • Posts: 546
on: Jun 29, 2018
If the marginal cost of a perfectly competitive firm producing a good is 50 and the market price of the good is 100, the firm should:
 
  A) decrease its output.
  B) increase its output.
  C) try to increase the market price.
  D) try to decrease the market price.

Question 2

Refer to the scenario above. If Maria's opportunity cost of time increases to 80 per hour, the cost involved in taking the train is:
 
  A) 320.
  B) 720.
  C) 800.
  D) 970.


chreslie

  • Sr. Member
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  • Posts: 307
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


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