A perfectly competitive firm is a:
a. price giver
b. price taker.
c. price maker.
d. price leader.
b
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Some illegal immigrants move back and forth across the U.S.-Mexican border. But in 2012, as many as _____ million immigrants were residing continuously in the U.S.
A. 4 B. 11 C. 20 D. 29
Since collective consumption goods have a marginal cost of zero, the efficient price is equal to _____
a. average fixed cost b. average variable cost c. marginal cost d. the market price
Explain why taxes on pollutants reduce pollution while subsidies to firms cutting their pollutants actually increase pollution.
What will be an ideal response?
If a profit-maximizing firm is currently producing where MR = MC, it should
A. decrease output so that marginal revenue will be greater than marginal cost and the firm's profit will increase. B. exit the industry. C. not change because it is already maximizing profit. D. increase output so that marginal revenue is less than marginal cost.