Refer to Scenario 12.2. Suppose that the marginal cost falls such that:
MC = Q - 10
What is the profit maximizing level of output?
A) 171.43
B) 120
C) 150
D) all of the above
E) none of the above
C
Economics
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Two key properties of indifference curves are that an indifference curve slopes
A) upward and is bowed out from the origin. B) downward and is bowed out from the origin. C) upward and is bowed in toward the origin. D) downward and is bowed in toward the origin.
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Which market model assumes the least number of firms in an industry?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly
Economics