Price should be
A) determined by equating average cost and marginal cost to determine quantity and then setting the price using that quantity and the demand curve.
B) determined by equating marginal revenue and average revenue to determine quantity and then setting the price using that quantity and the demand curve.
C) determined by equating marginal revenue and marginal cost to determine quantity and then setting the price using that quantity and the demand curve.
D) determined by equating marginal revenue and long-run average cost to determine quantity and then setting the price using that quantity and the demand curve.
C
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Use the following graph to answer the next question.
It depicts an economy in the ________.
A. current year B. short run C. current month D. long run
Reducing the minimum wage would make it more difficult for low-skilled workers to find jobs.
Answer the following statement true (T) or false (F)
Structuralists take the position that:
A. the rule of reason is appropriate and desirable in interpreting the Sherman Act. B. only unreasonable anticompetitive acts should be regarded as violations of the antitrust laws. C. industries should be judged on the basis of their technological progress and their price- output behavior. D. an industry that is highly concentrated will behave monopolistically.
The effective coordination of social behavior through voluntary exchange depends significantly upon
A) clearly defined property rights. B) such civic virtues as courtesy and tolerance. C) well-established and generally accepted rules regarding behavior. D) all of the above.