If a company could spend $3 per bicycle on a safety device that would prevent $2,000 worth of harm for every 1,000 bicycles sold, spending the $3 would be a cost-justified precaution
Indicate whether the statement is true or false
FALSE
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Which of the following describes monopolistic competition?
A) homogeneous products B) P = MR = MC C) Advertising plays a key role. D) There is only one seller in the industry.
An inferior good is one for which demand increases as
a. price decreases b. price increases c. income increases d. income decreases e. the price of a related good decreases
The addition to total revenue resulting from one more unit of output is called marginal revenue
a. True b. False Indicate whether the statement is true or false
How is the value added for each firm calculated?
a. by multiplying the product value for the previous firm with the product value for the
current firm
b. by dividing the product value for the current firm by the product value for the next firm
c. by subtracting the product value for the previous firm from the product value for the
current firm
d. by adding the product value for the current firm to the product value for the next firm