In arriving at the quantity of output and price of its product, a company
A. chooses either output or price, and consumer demand determines the other.
B. has no control over either quantity or price.
C. makes two decisions by setting both optimal output and optimal price.
D. generally leaves both quantity and price decisions to consumers.
Answer: A
Economics
You might also like to view...
The text asserts that the allocation of resources among firms is efficient. What assumptions must hold for this to be true?
What will be an ideal response?
Economics
In the long-run, a monopoly is most likely to achieve
a. An average rate of return b. Above average profits c. Economic Profits d. Both B&C
Economics