Briefly contrast the situation where losses will be the smallest for a perfectly competitive firm based on total revenues with another situation where losses for a perfectly competitive firm will be smallest based on marginal revenue
Losses will be smallest for a perfectly competitive firm at the quantity of output where total revenues exceed total costs by the greatest amount, or where total revenues fall short of total costs by the smallest amount. Alternatively, losses will be the smallest where marginal revenue, which is price for a perfectly competitive firm, is equal to marginal cost.
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Suppose that the price of flour used to produce bagels increases. Hence the equilibrium price of a bagel ________, and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; does not change
The Wagner Act of 1935 guaranteed the right of union representation for minorities
Indicate whether the statement is true or false