The MR=MC rule
A) applies to price-makers only.
B) does not vary by market structure.
C) is only true in competitive markets.
D) applies to price-makers that have MR=P.
B
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Which of the following might be a final good?
A) A box of Kellogg's corn flakes B) An iMac computer C) A U-Haul rental vehicle D) An economics textbook E) Any of the above might be, depending upon who is purchasing it.
The percentage change in quantity demanded of a good divided by the percentage change in income of the consumers gives the: a. price elasticity of demand of the good. b. price elasticity of supply of the good
c. income elasticity of demand of the good. d. income elasticity of supply of the good.
The "principle of rival consumption" applies to which of the following?
A) national defense B) the free-rider problem C) the exclusion principle D) a private good
Hierarchy of effects model is mostly used in ___
Fill in the blank(s) with the appropriate word(s).