In 2018, the poverty threshold for a family of four in the United States was $24,755.
Answer the following statement true (T) or false (F)
True
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For a perfect competitor, marginal revenue equals
A) the slope of the demand curve. B) average revenue divided by price. C) price divided by average revenue. D) the market price.
The marginal cost curve:
a. Declines initially as output increases and rises with further increases in output b. Is equal to the average variable cost curve c. Rises initially as output increases and declines with further increases in output d. Is always constant
Figure 11-6
At its optimal output level, the profit-maximizing monopolist in Figure 11-6 has total costs equal to
A. zero. B. P2× Q2. C. P3× Q2. D. P4× Q3.
Describe the characteristics of a monopolistically competitive industry.
What will be an ideal response?