Why is microeconomic theory often referred to as price theory?
What will be an ideal response?
The reason is that much of microeconomic theory focuses on the factors which influence and determine prices.
Economics
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For a monopolistically competitive market, the number of firms in the market implies that
A) each firm faces a perfectly elastic demand. B) all firms will make losses. C) each firm acts independently of other firms. D) firms will collude to set monopoly price and output.
Economics
Under U.S. antitrust law, a consent decree allows a firm to
a. admit to an antitrust violation without penalty b. admit to an antitrust violation without a lawsuit c. challenge the government's accusation in court d. cease the alleged wrongdoing without admitting guilt e. cease the alleged wrongdoing only by admitting guilt
Economics