The profit-maximizing output of a monopolistic competitor is determined at the point where:
a. its average revenue is equal to its average cost.
b. its total revenue is maximum

c. its total revenue is equal to its total cost.
d. its marginal revenue is equal to its marginal cost.

Economics

Cobb-Douglas production function have decreasing returns to scale.

Answer the following statement true (T) or false (F)

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Economics

A decrease in supply is shown graphically by a shift of the supply curve to the ________.

Fill in the blank(s) with the appropriate word(s).

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Economics