If a competitive firm successfully adopts a better production technology ahead of the others, then:
A. Its product price will become lower than the others'
B. Its average cost will become higher than the others'
C. Its profits will become higher than the others'
D. Its marginal revenue will become higher than the others'
C. Its profits will become higher than the others'
Economics
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Income that flows to the private sector for services and production is called
A) national income. B) net income. C) derived income. D) deficit income.
Economics
Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
a. Perfect competition. b. Monopoly. c. Oligopoly. d. Cartel. e. Monopolistic competition.
Economics