For a perfectly competitive firm, marginal revenue is
A) less than the price.
B) greater than the price.
C) equal to the price.
D) equal to the change in profit from selling one more unit.
E) undefined because the firm's demand curve is horizontal.
C
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If the price of propane-fueled gas grills was to decrease, then
A) the quantity of propane demanded would decrease. B) the demand for propane would increase. C) the quantity of propane demanded would increase. D) the demand for propane would decrease.
Oligopoly is a market structure in which
a. non price competition is seldom used. b. all producers are selling identical or similar products. c. there are many sellers with differentiated products. d. administered pricing is rarely practiced.
If the supply curve of labor shifts to the left, we know for certain that
a. technology has improved b. a higher wage rate must be offered to employ the same number of workers that were employed before the shift in the curve occurred c. any quantity of workers can be hired at the same wage d. the MRP has decreased e. the MRP has increased
When MFC < MRP, a firm in a competitive market will
A) stop hiring more workers. B) hire more workers. C) earn fewer profits. D) layoff workers.