Figure 5-3
In Figure 5-3, a decline in price from 3 to 1 will increase market quantity demanded by
a.
30.
b.
40.
c.
50.
d.
60.
a
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Shama is producing candles in a perfectly competitive market. When she produces 500 candles, her total cost is $250. If she produces one additional candle, her total cost increases to $260
In order to maximize her profit, she should produce the additional candle A) if the market price for a candle is $12. B) only if the market price exceeds $260 for a candle. C) only if the market price exceeds $250 for a candle. D) if the market price for a candle exceeds $0.50. E) if her price exceeds her average total cost.
Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a monopolistic competitor?
A. Subway Sandwiches. B. Pittsburgh Plate Glass. C. Ford Motor Company. D. Microsoft.