Which of the following statements is correct for both a monopolist and a perfectly competitive firm? (i) The firm maximizes profits by equating marginal revenue with marginal cost. (ii) The firm maximizes profits by equating price with marginal cost. (iii) Demand equals marginal revenue. (iv) Average revenue equals price
a. (i), (iii), and (iv) only
b. (i) and (iv) only
c. (i), (ii), and (iv) only
d. (i), (ii), (iii), and (iv)
b
Economics
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Stock market price quotations best exemplify money serving as a:
A. store of value. B. unit of account. C. medium of exchange. D. index of satisfaction.
Economics
Which model highlights the effects of market power obtained from product differentiation?
a. The contestable market model. b. The Cournot model of oligopoly. c. The Bertrand model of oligopoly. d. The monopolistic competition model.
Economics