Under perfect competition, the lure of profits makes producers try to equate marginal cost and price.
Answer the following statement true (T) or false (F)
True
You might also like to view...
When the marginal productivity of labor decreases, the demand curve for labor in a perfectly competitive market
A) does not change. B) becomes flatter. C) shifts to the right. D) shifts to the left.
Successful management of resource wealth is a poverty trap
a. True b. False
To differentiate its product, a monopolistic competitive firm will engage in all of the following advertising practices EXCEPT
A) direct marketing. B) mass marketing. C) interactive marketing. D) indirect marketing.
If the cost of labor increases, the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate inward around the point where only capital is employed in production. D) shift inward in parallel fashion.