For a monopolist, marginal revenue is always:
a. below market price.
b. equal to market price.
c. greater than market price.
d. equal to total revenue.
e. equal to total cost.
a
Economics
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The law of increasing opportunity costs is a result of the fact that:
A) the value of the dollar has declined over time. B) wage rates rise as the economy reaches full employment. C) consumers tend to value a good more when they don't have much of it. D) resources are not equally productive in all output categories.
Economics
A perfectly competitive firm should produce in the short run:
a. only if price exceeds average total cost. b. even if price is less than average variable cost. c. as long as price exceeds average fixed cost. d. as long as price exceeds average variable cost.
Economics