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Author Question: The achievement of the optimal allocation of society's scarce resources requires that regulators set ... (Read 63 times)

Tirant22

  • Hero Member
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  • Posts: 532
on: Jun 30, 2018
The achievement of the optimal allocation of society's scarce resources requires that regulators set prices equal to firms marginal cost.
 a. True
  b. False

Question 2

A perfectly competitive firm is currently producing where price is 8 and both marginal cost and average variable cost are 9 . To maximize profit or minimize loss in the short run, this firm should
 a. raise its price
  b. increase its output
  c. reduce its output
  d. lower its price
  e. shut down


chereeb

  • Sr. Member
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  • Posts: 326
Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

E


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