Which of the following statements is true?
A. Perfect competition is an unattainable standard that is probably impossible to find.
B. Very few business firms have any control over price in perfect competition.
C. The determination whether two products are identical is done by the sellers.
D. Perfect competitors are price makers.
A. Perfect competition is an unattainable standard that is probably impossible to find.
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If marginal revenue equals marginal cost, the firm is maximizing profits as long as
A) the resulting profits are positive. B) marginal cost exceeds marginal revenue for greater levels of output. C) the average cost curve lies above the demand curve. D) All of the above are required.
The revenue curves that a monopoly faces are different from those that a perfectly competitive firm faces in that the:
A. marginal revenue curve is downward sloping instead of flat. B. average revenue curve is no longer equal to price. C. marginal revenue curve is now flat instead of downward sloping. D. total revenue curve for a monopoly is linear.
People's preferences about the present are ____________ with their preferences about the future, simply because the future choices are ____________.
A. inconsistent; more distant B. consistent; more distant C. inconsistent; harder to predict D. consistent; easier to predict
Income is to wealth as
a. hours are to minutes b. inches are to feet c. periods are to sentences d. demand is to quantity demanded e. learning is to knowledge