Marginal revenue is less than price for price searchers
A) because they are monopolists.
B) because they necessarily have some costs.
C) if they enjoy grants of legal privilege.
D) when they cannot charge all customers the maximum they are willing to pay for each unit purchased.
E) when they have the ability to practice price discrimination.
D
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If seller increases the price of the good and the total revenue increases, this implies that the demand for the product is elastic.
Answer the following statement true (T) or false (F)
How can absolute poverty be eliminated? How can relative poverty be eliminated? Does the elimination of one lead to the elimination of the other? Explain
What will be an ideal response?
Explain how the free-market mechanism adjusts prices so that resource allocation is economically efficient.
What will be an ideal response?
Which of the following is said to occur when a firm lowers its price to sell off excess inventories of a product?
A. Persistent dumping B. Seasonal dumping C. Predatory dumping D. Cyclical dumping