Author Question: In the short run, a perfectly competitive firm's most profitable level of output is where: a. ... (Read 58 times)

Alygatorr01285

  • Hero Member
  • *****
  • Posts: 564
In the short run, a perfectly competitive firm's most profitable level of output is where:
 a. marginal cost exceeds marginal revenue.
  b. total revenue is at a maximum.
  c. marginal cost equals marginal revenue.
  d. All of these.

Question 2

If the cross-elasticity of demand for two goods is negative, this means that:
 a. only the poor will buy the goods.
  b. they are normal goods.
  c. the goods are substitutes.
  d. the goods are complements.



fdliggud

  • Sr. Member
  • ****
  • Posts: 366
Answer to Question 1

c

Answer to Question 2

d



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

For a complete list of videos, visit our video library