?For a perfectly competitive firm, ____.
a. ?price is less than marginal revenue at all output levels
b. ?price equals marginal revenue at all output levels
c. ?price exceeds marginal revenue at all output levels
d. ?price is less than marginal revenue only at the profit-maximizing quantity
e. ?price equals marginal revenue only at the profit-maximizing quantity
Answer: b. ?price equals marginal revenue at all output levels
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A $100 bill is a
A) commodity money. B) fiat money. C) representative commodity money. D) partially representative commodity money.
Which of the following is a fair bet based on the toss of an unbiased coin?
A) head: receive $5, tail: lose $5 B) head: receive $2, tail: lose $3 C) head: receive $0.5, tail: lose $1 D) head: lose $3, tail: lose $3
A balanced budget would not affect income because an increase in government spending is exactly matched by an increase in taxes
a. True b. False Indicate whether the statement is true or false
In the business cycle, what is the difference between the recovery phase and the expansion phase?
A) The expansion phase occurs in the rising portion of the business cycle, while the recovery phase occurs in the falling portion of the business cycle. B) The expansion phase occurs in the falling portion of the business cycle, while the recovery phase occurs in the rising portion of the business cycle. C) The expansion phase is the period when Real GDP increases beyond the recovery phase. D) The expansion phase must always come before the recovery phase.