Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: Firm A $6, Firm B $7, Firm C $10, and Firm D $12
If the market price is $11 then the market supply for this good will be A) 3 units.
B) 4 units.
C) 1 unit.
D) 2 units.
A
Economics
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In the short run, a perfectly competitive firm will shut down if
A) it incurs any economic loss. B) price equals average cost. C) total revenue is less than total variable cost. D) total revenue is less than total fixed cost.
Economics
Which of the following statements is true?
A) Consumers will buy a product only if it meets a need not met by competing products. B) Consumers will buy a product only if its price is below that of its competitors. C) Sheer chance often plays a significant role in the success or failure of a business. D) Input prices are one of the success factors that firms can control.
Economics