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 90 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

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Alexander Fleming photographed in his lab where he observed the natural competition between a fungus Alexander Fleming photographed in his lab where he observed the natural competition between a fungus
Richard Wrangham’s “female-bonded” theory of intergroup competition was highly influential in our un Richard Wrangham’s “female-bonded” theory of intergroup competition was highly influential in our un
Filippo Brunelleschi, Sacrifice of Isaac, competition relief commissioned for the doors of the ... Filippo Brunelleschi, Sacrifice of Isaac, competition relief commissioned for the doors of the ...
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Lastlings - Perfect World (Official Music Video) Lastlings - Perfect World (Official Music Video)
Video: Angiotensin II - kidneys, adrenal glands and dehydration

For a complete list of videos, visit our video library