A firm that has little ability to influence market prices operates in a
a. competitive market.
b. strategic market.
c. thin market.
d. power market.
a
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High rates of saving today contribute to ________ in the future.
A. more capital gains B. a higher standard of living C. more unemployment D. higher tax rates
Which of the following is not a major trading partner of the U.S.?
a. Canada b. Mexico c. Russia d. China
The truth of the MPP=MRP condition has been implicitly accepted by most businesses while not explicitly recognizing its legitimacy
Indicate whether the statement is true or false
Suppose Marv, the owner-manager of Marv's Hot Dogs, earned $82,000 in revenue last year. Marv's explicit costs of operation totaled $36,000. Marv has a Bachelor of Science degree in mechanical engineering and could be earning $40,000 annually as mechanical engineer.
A. Marv's economic profit is $36,000. B. Marv's economic profit is $6,000. C. Marv's implicit cost of using owner-supplied resources is $36,000. D. Marv's implicit cost of using owner-supplied resources is $30,000.