Marshall Field's and Stern's department stores were good examples of low-cost producers operating in perfect competition.
Answer the following statement true (T) or false (F)
False
Marshall Field's and Stern's department stores are examples of high-cost producers in a perfectly competitive market, which is why they went out of business. Walmart and Best Buy are examples of low-cost producers.
Economics
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For a monopolist:
a. price equals average total cost. b. price is above marginal revenue. c. marginal revenue equals zero. d. marginal cost equals zero. e. average total cost equals marginal cost.
Economics
When the curve that envelops the series of possible short-run average total cost curves is horizontal, this means that there are:
a. economies of scale. b. diseconomies of scale. c. constant returns to scale. d. diminishing returns. e. some fixed factors of production.
Economics