If a firm in a perfectly competitive market faces an equilibrium price of $5, its marginal revenue
A) will be greater than $5.
B) will be less than $5.
C) maybe either greater or less than $5.
D) will also be $5.
E) will be any amount but $5.
D
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As nominal Gross Domestic Product (GDP) rises, people will wish to
A) hold less money for transactions. B) hold more money for transactions. C) spend less. D) invest only in stocks.
Which market structure is characterized by many sellers, easy entry, and homogeneous products
a. perfect competition b. monopolistic competition c. oligopoly d. monopoly
Indonesia experienced hyperinflation in the 1990s
a. True b. False Indicate whether the statement is true or false
Relative to a situation in which gasoline is not taxed, the imposition of a tax on gasoline causes the quantity of gasoline demanded to
a. decrease and the quantity of gasoline supplied to decrease. b. decrease and the quantity of gasoline supplied to increase. c. increase and the quantity of gasoline supplied to decrease. d. increase and the quantity of gasoline supplied to increase.