Assume that a firm's marginal revenue just barely exceeds marginal cost. Under these conditions the firm should:
a. expand output.
b. contract output.
c. maintain output.
d. There is insufficient information to answer the question.
a
Economics
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A characteristic of monopolistic competition is
A) product differentiation. B) a high capital-output ratio. C) a low ratio of fixed costs to variable costs. D) the absence of advertising.
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When economists talk about innovation, they refer to
a. the relationship between growth and employment b. one of the basic problems in economics c. the relationship between technology and scarcity d. the relationship between growth and scarcity e. ideas that eventually take the form of new applied technology
Economics