Which of the following conditions would distinguish a competitive firm from a monopolist?
a. The existence of a demand curve for the firm.
b. The slope of the demand curve facing the firm.
c. The rule of profit maximization, i.e., produce where MR = MC.
d. The relationship between marginal revenue and total revenue.
e. The existence of diseconomies of scale.
B
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Your roommate tells you she's going to join the gym next week. A week and a half goes by and you ask her how the gym is going, and she tells you she's going to wait until the following week. Your roommate's preferences are:
A. better today than tomorrow. B. time inconsistent. C. mistakes. D. considered bad choices.
Assume the North Island of New Zealand can produce 2,000 fishing poles or 20 kayaks per day and the South Island can produce 1,000 fishing poles or 5 kayaks per day. The South Island has a comparative advantage in producing kayaks
a. True b. False
?Refer to Exhibit 4-3. The University Theater faces market demand curve D0 and has begun charging $10, up from $5, for tickets for Friday and Saturday night shows. As a result, students have
A. increased their demand for tickets to Q4. B. increased their quantity of tickets demanded to Q4. C. decreased their demand for tickets to Q1. D. decreased their quantity of tickets demanded to Q1.
The city of Ann Arbor Michigan buys a police car manufactured in Germany. In the GDP accounts this transaction is included in
a. in government expenditures and exports.
b. government expenditures and imports.
c. exports, but not government expenditures.
d. imports, but not government expenditures.