Monopoly is preferred to perfect competition due to its efficiency characteristics
Indicate whether the statement is true or false
F
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A firm faces a small number of competitors. This firm is competing in
A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) a perfect multi-firm monopoly.
The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output. B) the change in marginal output resulting from a one-unit change in variable input. C) the change in total revenue resulting from a one-unit change in variable input. D) the change in marginal revenue resulting from a one-unit change in variable input.
Ceteris paribus, if Canadians decide they want to eat more U.S.-grown soybeans, this causes the ________ U.S. currency to ________.
A. supply of; decrease B. demand for; decrease C. supply of; increase D. demand for; increase
Economists assume that the typical person who starts her own business does so with the intention of
a. donating the profits from her business to charity.
b. capturing the highest number of sales in her industry.
c. maximizing profits.
d. minimizing costs.