Consider the perfectly competitive firm in the above figure. The profit maximizing level of output for the firm is equal to
A) 0 units.
B) 14 units.
C) 17 units.
D) 19 units.
C
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If three residential cleaning service companies agree to reduce the number of homes they clean each month in an effort to raise the price for the service, this is an example of ________.
A) output restrictions B) monopolization C) resale price maintenance D) market division
A marginal change is a
a. change that involves little, if anything, that is important. b. large, significant adjustment. c. change for the worse, and so it is usually a short-term change. d. small, incremental adjustment.
In the United States, consumers, businesses, governments, and foreigners participate in both the product and factor markets.
Answer the following statement true (T) or false (F)
Which of the following is TRUE of an oligopoly?
A) They engage in nonprice competition. B) They do not react to actions of their competitors. C) Each firm produces a small portion of the total output. D) Firms do not care what their competitors do.