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Author Question: Which of the following describes the relationship among market price (P), average revenue (AR), and ... (Read 91 times)

809779

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on: Jun 30, 2018
Which of the following describes the relationship among market price (P), average revenue (AR), and marginal revenue (MR) for a firm in monopolistic competition.
 a. P = AR = MR
  b. P > AR = MR
  c. P = AR > MR
  d. P > AR > MR
  e. P = AR < MR

Question 2

A good that is both rival and exclusive is called
 a. a private good
  b. a public good
  c. a quasi-private good
  d. an external good
  e. an open access good


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cclemon1

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

C

Answer to Question 2

A


809779

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

kswal303

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Reply 3 on: Yesterday
Excellent

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