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Author Question: If a perfectly competitive firm's marginal revenue was less than its marginal cost, a. it would ... (Read 73 times)

jho37

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on: Jun 30, 2018
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


cegalasso

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

C


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jho37

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Reply #2 on: Jun 30, 2018
Thank you :)


cegalasso

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Reply #3 on: Jun 30, 2018
Happy to help you


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