Which of the following statements is true
a. A firm should increase quantity as long as average cost is greater than price
b. A firm should increase quantity as long as price is greater than marginal cost
c. A firm should increase quantity as long as price is higher than average cost, regardless of the marginal cost
d. A firm should increase quantity as long as marginal cost is greater than price
b
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When an asset is traded for goods and services it is serving the function of a ________
A) store of value B) loanable fund C) unit of account D) medium of exchange
Charging higher prices to residential customers than to industrial customers is an example of
A. ?third-degree price discrimination. B. quantity price discrimination. C. perfect price discrimination. D. ?second-degree price discrimination. E. ?first-degree price discrimination.