If the company plans to produce 500 . units of output, is acquiring the competitor's technology a good idea?
a. Yes, because the competitor has a low-marginal-cost technology
b. Yes, because the competitor has a high-marginal-cost technology
c. Yes, because the company plans to produce less than the break-even quantity
d. Both b and c
d
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A single-price monopolist produces a ________ quantity than a perfectly competitive market with the same costs and charges a ________ price than the perfectly competitive market
A) greater; higher B) greater; lower C) lesser; lower D) lesser; higher
________ can provide incentives to honor implicit contracts.
A. Value maximization B. Adverse selection C. Bargaining power D. Reputational concerns
Labor is a firm's only variable input. The firm should hire additional units of labor as long as the wage is less than or equal to the marginal revenue product of that additional unit of labor.
Answer the following statement true (T) or false (F)
Related to the Economics in Practice on p. 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service to this fishing industry, ________ increased and ________ decreased.
A. consumer prices; competition B. consumer prices; productivity C. competition; profits D. profits; consumer prices