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If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that
a. marginal revenue exceeds marginal cost.b. marginal cost exceeds marginal revenue. c. total cost exceeds total revenue. d. None of the above is correct.
Select an organization you work for or are familiar with. Could the organization you have chosen lower prices to increase revenue?
A competitive market is intended to result in improved efficiency, though it will not necessarily improve equity. That is, a competitive market might encourage efficient production but may not necessarily result in a redistribution of wealth
Find out the quantity at which profits are maximal. given that quantity, find out the price charged and monopolist's profits. (solve for answers using the equations)
Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
How many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?
Suppose that Dent Carr's long-run total cost of reparing s cars per week is c(s) = 2s^2 + 50. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximized profits?
suppose the poorest 90 percent of citizens actually have an income of $15,000 because each receives $5,000 of unreported income from the underground economy. what is the Gini coefficient now?
Choose a United States firm with global operations. Discuss the company's activities outside the United States
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
BAA is a private company that operates some of the largest airports in the United Kingdom, including Heathrow and Gatwick - The additional cost BAA incurs each time one of the 90 different airlines utilizes the runway is £950 provided 70 or fewer ai..
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade.
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