At what point is the percent of price reduction the same as the percent of quantity increase?
a. ED >1
b. ED = 1
c. ED < 1
d. ED x 1
b. ED = 1
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A firm's revenue minus its factor payments equals
a. zero. b. the profits or losses earned by the firm. c. the quasi-rents earned by the factors of production. d. the firm's total revenue.
The approach economists use to analyze competition among oligopolists is called
A) marginal analysis. B) game theory. C) competition among the few. D) oligopoly theory.
A strong economy not only creates more job opportunities but also reduces discrimination barriers
Indicate whether the statement is true or false
Because a monopolist is the sole producer in its market, it can necessarily alter the price of its good
a. by adjusting the quantity it supplies to the market. b. by changing its marginal cost. c. without affecting its average total cost. d. without affecting the quantity sold.