In a monopolistically competitive industry, a firm's demand curve also represent its
a. marginal revenue.
b. marginal cost.
c. average revenue.
d. profit.
c
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If you are willing to pay no more than $4 for a slice of pizza and the price of a slice of pizza is $4, then
A) if you buy it, you would be cheated because you would realize no total benefit from the purchase. B) you buy it but you get no marginal benefit from the purchase. C) you will not buy it. D) you buy it but you get no consumer surplus from the purchase. E) you might buy it depending on how the slice's marginal benefit compares to its price.
Why do firms in oligopoly face a temptation to collude?
What will be an ideal response?
Standardization of derivative contracts
A) increases their liquidity. B) is the rule with respect to contracts whose underlying asset is a financial security, but not for contracts whose underlying asset is a commodity. C) is the rule with respect to contracts whose underlying asset is a commodity, but not for contracts whose underlying asset is a financial asset. D) has been proposed many times by financial analysts, but has not yet been carried out by the SEC.
In many cases, it is reasonable to refer to the ________________ as the price.
a. budget constraint b. sunk cost c. opportunity cost d. budget constraint