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Author Question: Under both perfect competition and monopoly, a firm: a. is a price taker. b. maximizes profit by ... (Read 63 times)

notis

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on: Jun 30, 2018
Under both perfect competition and monopoly, a firm:
 a. is a price taker.
  b. maximizes profit by setting marginal cost equal to marginal revenue.
  c. will shut down in the short-run if price falls short of average total cost.
  d. always earns a pure economic profit.

Question 2

Utils are used by economists to measure the satisfaction a person obtains from consuming a good.
 a. True
  b. False
  Indicate whether the statement is true or false


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bigcheese9

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

b

Answer to Question 2

True


notis

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

bigcheese9

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Reply 3 on: Yesterday
Excellent

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