If a perfectly competitive firm's marginal revenue was less than its marginal cost,
a. it would raise its price in order to increase its profits.
b. it would contract its output but not raise its price in order to increase its profits.
c. it is currently earning economic losses.
d. both (a) and (c) are true.
Question 2
Which of the following markets is continuously in operation and not set in a single venue or restricted to certain dates or times?
a. The U.S natural gas industry
b. The San Francisco Wholesale Produce Market
c. The U.S. real estate market
d. An art exhibition
Competitive inhibition
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