The long run refers to the time interval in which suppliers are able to change the quantity of some, but not all, of the resources in the production of a good
Indicate whether the statement is true or false
F
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The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. What is the marginal utility per dollar from CDs when the sixth CD is purchased?
A) 40 units B) 30 units C) 15 units D) 5 units
In monopolistic competition if there is profit, there is:
A. a signal for new firms to enter. B. a motive for existing firms to increase prices. C. proof that advertising works. D. a motive for existing firms to decrease prices.
The legislation which outlawed price discrimination for the purpose of reducing competition was the:
A. Sherman Act. B. Clayton Act. C. Robinson-Patman Act. D. Celler-Kefauver Act.
Under what market structure do we have strategic play?
A. Oligopoly B. Monopoly C. Monopolistic Competition D. Perfect Competition