In a competitive price-searcher market, the marginal revenue of the firm will always be
a. a horizontal line.
b. greater than price.
c. less than price.
d. equal to price.
C
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What is meant by consumer surplus? How is it calculated?
What will be an ideal response?
The present value of $100 to be received one year from now
A) is $100. B) is $110. C) is $90. D) cannot be determined without knowing the interest rate.
A seller with market power has greater command over product price compared to a perfect competitor and is thus less enthusiastic in devising new ways to create economic value
Indicate whether the statement is true or false
The long run for the industry is defined as a period of time long enough for
a. any new firm that desires to enter the industry. b. any old firm that desires to leave the industry. c. all aspects of production to vary and there are no fixed costs. d. All of the above are correct.