Perfectly competitive firms maximize their profit by producing the output level where P = MR = AVC.
Answer the following statement true (T) or false (F)
False
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Between 1981 and 2013, the overall mortality rate in the United States
A) remained fairly constant. B) decreased by more than 25 percent. C) slowly but steadily increased. D) was similar to the average rate in most low-income countries.
Quinn's income to spend on either bowling or eating out each month is $100. It costs $10 to bowl for the night and it costs $20 for Quinn to eat at a restaurant. A point on Quinn's budget constraint would be:
A. 4 nights of bowling and 3 trips to the restaurant. B. 3 nights of bowling and 4 trips to the restaurant. C. 2 nights of bowling and 5 trips to the restaurant. D. 10 nights of bowling and 5 trips to the restaurant.
One of the defining characteristics of an oligopoly is that:
A. the strategic interactions between a firm and its rivals have a major impact on its profits. B. no single firm has an impact on the market as a whole. C. there are only a few buyers in the market. D. there are no barriers to entry to the market.
In game theory, a Nash equilibrium is
a. an outcome in which each player is doing his best given the strategies chosen by the other players. b. an outcome in which no player wishes to change her chosen strategy given the strategies chosen by the other players. c. the outcome that occurs when all players have a dominant strategy. d. All of the above are correct.