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Author Question: A perfectly competitive firm in the short-run maximizes its profit by producing the output where: ... (Read 91 times)

dejastew

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on: Jun 30, 2018
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
 a. marginal cost equals price.
  b. marginal cost equals marginal revenue.
  c. total revenue minus total cost is at a maximum.
  d. all of these.

Question 2

If a good is inferior in an economic sense, income elasticity will:
 a. be less than one.
  b. exceed one.
  c. be zero.
  d. be inelastic.
  e. be negative.


nikmaaacs

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

e


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