In the long run, competitive firms MUST be profit maximizers because if they do not maximize profits,
A) they will not survive.
B) they will not be price takers.
C) they will attract entry.
D) the profits that they do earn will only cover variable costs.
A
Economics
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The opportunity cost of something is
A) what you sacrifice to get the good. B) the price you pay for the good. C) what you are willing to pay for the good. D) a measure of the scarcity of the good.
Economics
Refer to the table above. What is the marginal revenue of the monopolist when it sells 400 units of its product?
A) $2 B) -$2 C) $3 D) -$3
Economics