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Author Question: A firm sells grapefruit in a perfectly competitive market at a price of 1.50 per pound. The firm's ... (Read 81 times)

natalie2426

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on: Jun 30, 2018
A firm sells grapefruit in a perfectly competitive market at a price of 1.50 per pound. The firm's marginal revenue:
 a. equals 1.50.
 b. is less than 1.50.
 c. is greater than 1.50.
 d. cannot be determined from the information provided.

Question 2

Inefficient use of resources leads to:
 a. production bundles inside the production set.
  b. production bundles outside the production set.
  c. a reduction in the production set.
  d. production of a combination on the production set.


macmac

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

a

Answer to Question 2

A


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