In a competitive? market, firms can dictate what the equilibrium price of a good or a service will be.
Indicate whether the statement is true or false.
Answer: False.
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Compensation of employees is the largest component of GDP using the income approach
a. True b. False Indicate whether the statement is true or false
A firm's total revenue is simply the price of its product multiplied by the quantity sold
a. True b. False Indicate whether the statement is true or false
Consider the above figure. The curve shown is sometimes referred to as
A) the Laffer curve.
B) the Ricardian curve.
C) the Keynesian curve.
D) the Phillips curve.
If an employer currently finds that the MRP of its labor resources equals $67, and the MFC equals $56, what would you advise the firm to do?
A. Stay at its current output level. B. Hire additional workers. C. Raise product prices. D. Reduce employment.