This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Under both perfect competition and monopoly, a firm: a. is a price taker. b. maximizes profit by ... (Read 91 times)

notis

  • Hero Member
  • *****
  • Posts: 596
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bigcheese9

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

True


notis

  • Member
  • Posts: 596
Reply 2 on: Jun 30, 2018
:D TYSM

blakcmamba

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

A stallion with a proven competition record is one criterion for being a suitable sire. A stallion with a proven competition record is one criterion for being a suitable sire.
Management Information Systems: Managing the Digital Firm, 15th Edition Management Information Systems: Managing the Digital Firm, 15th Edition
European swimming competition European swimming competition
A company that sells sweatshirts finds that the profit can be modelled by P(s)= ... A company that sells sweatshirts finds that the profit can be modelled by P(s)= ...
Perfect Circles Perfect Circles
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Pneumonia Animation

For a complete list of videos, visit our video library