A monopolist will never produce a level of output where MR < 0.
Answer the following statement true (T) or false (F)
True
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When a firm experiences continually declining average total costs,
a. the firm is a price taker. b. society is better served by having one firm supply the product. c. the firm will earn higher profits than if average total costs are increasing. d. All of the above are correct.
Which is not true of market equilibrium?
A. Circumstances can change from day to day which make any equilibrium very tentative. B. All sellers who want to sell at the equilibrium price can find a buyer to sell to. C. All buyers who want to buy at the equilibrium price can find a seller to buy from. D. It is the most desirable outcome that a social order could have.
A local restaurant has prepared a new recipe for its lunch menu. Which form of nonprice competition is this?
(A) Physical characteristics (B) Location (C) Image (D) Service level
Given the demand curve in this graph, if price were $2.00, how much quantity would be purchased?
A. 1 unit
B. 2 units
C. 3 units
D. 4 units