If TR > TC, the firm should produce more of whatever it is producing
Indicate whether the statement is true or false
F
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A perfectly elastic demand curve:
A) is parallel to the price axis. B) is parallel to the quantity axis. C) slopes upward. D) slopes downward.
A monopolistically competitive firm is like a perfectly competitive firm insofar as both
A) have negatively sloping demand curves. B) can make zero economic profit in the long run. C) have horizontal MR curves. D) are protected by high barriers to entry.
Prior to agreeing to join NAFTA, Mexico had followed a free trade policy for more than 30 years
Indicate whether the statement is true or false
The four-firm concentration ratio for an industry is
a. the number of firms in the industry, divided by four. b. the share of industry output sold by the four largest firms in the industry. c. the percentage of total industry profits claimed by the four largest firms. d. the share of industry output sold by the fourth largest firm in the industry.