In perfect competition, a firm that maximizes its economic profit will sell its good at a price that is
A) below the market price.
B) at the market price.
C) above the market price.
D) below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic.
B
Economics
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If firms in a duopoly with homogeneous products compete on price, a Nash equilibrium is reached when each firm charges a price ________
A) equal to its average cost B) higher than its average cost C) equal to its marginal cost D) lower than its marginal cost
Economics
Which of the following goods would be likely to be bought in the same quantity even if it doubled in price?
a) shoes b) telephones c) pencils d) computers
Economics