Under both perfect competition and monopoly, a firm: a. is a ...

[notis]

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

[bigcheese9]

Answer to Question 1

b

Answer to Question 2

True

[notis]

YES! Correct, THANKS for helping me on my review

[Liddy]

Thanks for the timely response, appreciate it