The MR = MC rule applies:
A. to firms in all types of industries.
B. only when the firm is a "price taker."
C. only to monopolies.
D. only to purely competitive firms.
Answer: A
Economics
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As the case study in the text illustrates, individual firms in the potato industry have a great deal of market power
Indicate whether the statement is true or false
Economics
A sound legal system that protects individuals and their property,
a. cannot be expected until markets are already working well. b. is vital to the smooth operation of markets. c. is normally found in most economies of the world. d. is helpful for the rich, but harmful to the economic well-being of others.
Economics