It's logical, it's a rule of thumb, it's an economic guideline: As long as MR < MC, and the firm responds by increasing the quantity it produces,
a. profit will equal zero
b. profit will increase
c. profit will decrease
d. profit will remain unchanged
e. the firm will minimize loss
C
Economics
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Figure 18-3
In which panel of Figure 18-3 would an excise tax be borne entirely by the consumer?
A. 1 B. 2 C. 3 D. 4
Economics
Few sellers and many buyers is characteristic of
a. monopoly b. monopolistic competition c. an oligopoly d. perfect competition
Economics
Comparative advantage implies choosing that activity which
A) has a high opportunity cost. B) is inside the production possibilities frontier. C) has the lowest opportunity cost. D) does not demand any specialization.
Economics
A perfectly horizontal demand curve has
A) zero elasticity.
B) some positive finite elasticity.
C) negative elasticity.
D) elasticity equals infinity.
Economics