An oligopolist producing where MR > MC should lower its price and increase output to maximize its profits.
Answer the following statement true (T) or false (F)
True
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Assume that Figure 4-16 shows the supply of new houses. An improvement in the technology for building houses will shift supply from
A. S1to S2. B. S2to S1. C. S3to S2. D. S3to S1.
A perfectly competitive firm should produce in the short run:
a. only if price exceeds average total cost. b. even if price is less than average variable cost. c. as long as price exceeds average fixed cost. d. as long as price exceeds average variable cost.
Which of the following might be used to protect a monopoly from competition?
A.) A horizontal demand curve. B.) Marginal revenue. C.) A patent. D.) A contestable market.
Which of the following workers is most likely to be asked to post a bond?
A) construction contractor B) fast food worker C) sanitation worker D) book author