What is the profit maximization point for a firm in a purely competitive environment?
a. The output where P = MC
b. The output where P < MC
c. The output where P > MC
d. The output where MR = MC
e. The output where AVC < P
Question 2
Vertical contracts between manufacturers and retailers often aim to
a. Incentivize the retailers to undertake costly activities, which they otherwise may not realize the full benefits of on their own
b. Reward the manufacturer for undertaking the risk inherent in introducing a new product
c. Serve as a signal of the retailer's belief of the likely success of his product
d. All of the above
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