The cross-price elasticity of demand for coffee and tea is likely to be
A) greater than zero.
B) less than zero.
C) zero.
D) infinity.
A
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Which of the following best describes rational behavior?
a. analyzing the total expected costs of a decision b. analyzing the total expected benefits of a decision c. Continuing to undertake an activity until its total expected benefit no longer exceeds its total expected cost d. undertaking activities as long as the marginal expected benefit exceeds the marginal expected cost
Marshall Field's and Stern's department stores were good examples of low-cost producers operating in perfect competition.
Answer the following statement true (T) or false (F)
The marginal revenue curve for a monopolistically competitive firm is ________ that of a perfectly competitive firm and ________ that of a monopolistic firm.
A. flatter than; steeper than B. flatter than; the same as C. steeper than; flatter than D. the same as; steeper than
The supply curve for a perfectly competitive firm is its marginal cost curve for all levels of output
a. True b. False Indicate whether the statement is true or false