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Author Question: In which of the following market structures must the price and output decisions of an individual ... (Read 36 times)

ashley

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on: Jun 30, 2018
In which of the following market structures must the price and output decisions of an individual firm include the possible price and output reactions of the firm's rivals?
 a. Monopoly.
  b. Oligopoly.
  c. Perfect competition.
  d. Cartel.

Question 2

An economist left his 100,000-a-year teaching position to work full-time in his own consulting business. In the first year, he had total revenue of 200,000 and business expenses of 150,000 . He made a(n):
 a. implicit profit.
  b. economic loss.
  c. economic profit.
  d. accounting loss but not an economic loss.
  e. zero economic profit.


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Briannahope

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

b

Answer to Question 2

b


ashley

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Reply #2 on: Jun 30, 2018
Correct answers!


Briannahope

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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