Which of the following characteristics apply to both monopoly and monopolistic competition?
a. Marginal revenue exceeds marginal cost at equilibrium
b. Average revenue exceeds both marginal cost and marginal revenue at equilibrium.
c. Marginal revenue exceeds average revenue at equilibrium.
d. Marginal revenue and marginal cost are equal and exceed price at equilibrium.
b
Economics
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According to proponents of behavioral economics, because every possible choice cannot be considered, an individual will tend to fall back on methods of making decisions that are simpler than trying to sort through every single possibility, known as
A) rules of thumb. B) rational options. C) irrational choices. D) normative decisions.
Economics
How many broad categories are used by economists to define the GDP?
A. 3 B. 4 C. 6 D. 8
Economics