Refer to the graph shown. If the firm wants to produce 900 units of output, it should use the plant size represented by:

Harvesting less wheat than the land is capable of producing is an example of

a. marginal costs b. opportunity costs c. good farming practices d. underutilization

The Bertrand model is a more plausible model of firm behavior than the Cournot model

A) when firms set the quantity to be sold. B) when firms sell a differentiated product. C) because firms that sell a non-differentiated product typically act as price takers. D) because the Bertrand model predicts that firms will price at marginal cost.