When economic losses are present in a market, firms will tend to
a. exit from the market.
b. raise their prices until the break-even point is reached.
c. lower their prices, regardless of cost, so they can capture more of the market.
d. increase output.
A
Economics
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The increase in total revenue due to increasing the amount of labor employed by one unit is called the
A) Marginal Product. B) Marginal Revenue Product. C) Average Revenue Product. D) Total Revenue Product.
Economics
When MFC < MRP, a firm in a competitive market will
A) stop hiring. B) hire more workers. C) earn fewer profits. D) layoff workers.
Economics