A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
a. average revenue exceeds marginal revenue
b. marginal revenue equals marginal cost
c. price exceeds marginal cost
d. All of the above are correct.
d
Economics
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In monopolistic competition, each firm's marginal revenue curve has a ________ and its demand curve has a ________
A) slope equal to zero; slope equal to zero B) slope equal to zero; negative slope C) negative slope; a slope equal to zero D) negative slope; negative slope
Economics
A period of time against which costs of the market basket in other periods will be compared in computing a price index is called
A. the inflation period. B. the market basket. C. the adjustment period. D. the base period.
Economics