For jointly owned substitute products, cannibalization leads to MR______MC
a. Being higher than
b. Being lower than
c. Equaling
d. None of the above
b
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The invisible hand suggests that:
A) individuals working for self-interest will eventually maximize the well-being of society. B) equilibrium in a competitive market is determined independent of demand and supply. C) government intervention is necessary to rectify market imperfections. D) the price mechanism allocates resources only to the people with high income in the country.
In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Brandon and Christopher can
A) gain from exchange if Brandon specializes in planting and Christopher specializes in plowing. B) gain from exchange if Brandon specializes in plowing and Christopher specializes in planting. C) exchange, but only Brandon will gain from the exchange. D) exchange, but only Christopher will gain from the exchange.