Suppose your firm operates in a perfectly competitive market and decides to double its output. How does this affect the firm's marginal profit?
A) Marginal revenue and marginal cost increase
B) Marginal revenue increases but marginal cost remains the same
C) Marginal cost may change but marginal revenue remains the same
D) Marginal revenue and marginal cost decrease
Question 2
A consumer or producer who does not pay for use of a nonexclusive good but expects others to pay is known as a:
A) free rider.
B) price setter.
C) fringe element.
D) none of the above
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