In both perfect competition and monopoly, a firm: a. maximizes ...

[jjjetplane]

In both perfect competition and monopoly, a firm:
 a. maximizes profit by equating marginal revenue to marginal cost.
 b. will shut down in the short run if price is less than average variable cost.
  c. will always earn a zero economic profit.
 d. will be characterized by both (a) and (b).

Question 2

When dealing with strategic trade policy, one practical problem for government is the likelihood of retaliation by foreign governments.
 a. True
  b. False
  Indicate whether the statement is true or false

[pikon]

Answer to Question 1

d

Answer to Question 2

True

[jjjetplane]

Excellent

[matt95]

Thanks for the timely response, appreciate it