If a firm's marginal revenue from its 100th unit of output is 50 and the marginal cost from its 100th unit of output is 45, then in the short run this firm should:
a. increase its plant size.
b. change its technology.
c. produce more than 99 units of output.
d. produce less than 100 units of output.
e. shut down.
Question 2
The cross price elasticities among substitute goods will be extremely high when:
a. b and d.
b. they are very similar to each other.
c. people are consuming them frequently.
d. people consume them in equal quantities.
e. they are imperfect substitutes.
The Increasing Cost of Health Care, 1960–2010
Schematic of Rectification Unit
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