Monopolistically competitive firms fail to fully realize their economies of scale.
Answer the following statement true (T) or false (F)
True
Economics
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Which of the following equations defines marginal revenue product?
a. MRP = P times Q. b. MRP = total cost. c. MRP = total revenue minus total cost. d. MRP = MPP times price of the product.
Economics
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $32. How many hours should Joe stay open?
A. 4 hours B. 5 hours C. 6 hours D. 7 hours
Economics