The owner of a perfectly competitive firm sets prices based on cost mark-up.
Indicate whether the statement is true or false.
Answer: False.
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The above table shows the short-run total product schedule for the campus book store. Which employee has the highest marginal product (MP)?
A) the 10th employee B) the 5th employee C) the 4th employee D) the 1st employee
The marginal cost curve passes through the ________ points of the ________ cost curve and the ________ cost curve
A) minimum; average total; average variable B) minimum; average total; average fixed C) maximum; total cost; total variable D) minimum; average variable; average fixed
Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some negotiation, Mister Smith purchased the house for $205,000. Smith's consumer surplus is
A) $5,000. B) $15,000. C) $20,000. D) not able to be calculated from the information given.
The goods or services that firms in an oligopoly sell:
A. are not close substitutes. B. are close substitutes. C. are standardized. D. are either standardized or close substitutes.