A(n) ________ industry does not have price as a decision variable.
A. perfectly competitively
B. monopolistic
C. oligopolistic
D. monopolistically competitive
Answer: A
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If the total cost of producing 20 units of output is $1,000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
A) $65 B) $50 C) $15 D) It is impossible to determine without additional information.
A production function represents the:
A. relative values of the inputs and modes of production. B. relative costs of the inputs across various modes of production. C. relationship between the quantity of inputs and the quantity of outputs. D. relationship between the cost of the inputs and the revenue generated by the outputs.
The property of transitivity implies that a consumer always prefers to consume more of either good, holding the consumption of the other good constant
a. True b. False Indicate whether the statement is true or false
A cutthroat competitor will not lower their price because they believe that
A. their competitors will lower their prices too. B. their competitors will raise their prices. C. they will lose money. D. they will be accused of unfair competition.