The figure above shows a firm in a perfectly competitive market. If the price rises from P3 to P4 then output will increase by
A) 0 units.
B) 1 unit.
C) 2 units.
D) 3 units.
B
Economics
You might also like to view...
The marginal revenue product of an input tends to decrease as
A. the price of the input decreases. B. the price of output increases. C. productivity increases. D. more of the input is used.
Economics
Marginal benefit refers to the additional benefit that your activity provides to you
Indicate whether the statement is true or false
Economics
Why do many economists rate the income tax high in efficiency and equity terms?
Economics
Beginning in the mid-1970s, Congress deregulated several industries including airlines and trucking.
Answer the following statement true (T) or false (F)
Economics