A firm in monopolistic competition ________ influence its price and ________ influence the market average price
A) can; can
B) can; cannot
C) cannot; can
D) cannot; cannot
E) can; only in the short run can
B
Economics
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Suppose Pat's Paints is a perfectly competitive firm. If Pat's Paints' marginal revenue equals $5 per can, and Pat decides to sell 100 cans of paint, Pat's total revenue equals
A) $5. B) $100. C) $500. D) $20. E) Information on the price of a can of paint is needed to answer the question.
Economics
What does it mean to say that economists use the scientific method? How do economists distinguish between models that work and those that don't?
What will be an ideal response?
Economics