For a perfectly competitive firm, marginal revenue product is equal to price minus marginal revenue
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Adjusted gross income is
A. any profit you have from asset sales. B. total income from all sources. C. income after deductions and exemptions are taken. D. the amount of income a taxpayer has after taxes are paid.
A decrease in the supply of a good will cause a larger increase in its price
A) if there are many close substitutes for the good. B) the greater the scarcity of the good. C) the more elastic the demand for the good. D) the more inelastic the demand for the good.
If a firm in a competitive industry is making no profit but still producing, it must be the case that
a. MC = MR > ATC b. MC = MR < ATC c. MC = ATC > MR d. MC = MR = ATC e. this situation is not possible
The value of the micro-processor used in the production of a cell phone is included in the calculation of GDP
a. True b. False Indicate whether the statement is true or false