What four decisions must firms with market power make?
What will be an ideal response?
(1.) How much to produce.
(2.) Which technology to use.
(3.) How much of each input to use.
(4.) What price to charge for their product.
You might also like to view...
Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history. b. He believed economics is a subject but not a way of thinking. c. He believed economics is not just a subject area but also a way of thinking. d. He believed that economics is not a subject but is a way of thinking.
If the annual interest rate is 5% (.05), the price of a one-year Treasury bill per $100 of face value would be:
A. $95.00 B. $96.10 C. $95.24 D. $97.50
Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. What makes the wireless telephone market in the United States not perfectly competitive?
A. There are many buyers and many sellers in the United States B. It is very expensive to enter the market in the United States. C. Wireless phone calls are a standardized product. D. All of these are correct.
Profits are part of the
A) factor services. B) monetary value of output. C) final consumer goods. D) total income.