Which of the following conditions would result in the short run marginal cost curve not correctly reflecting the supply behavior of a profit maximizing firm?
A) The firm is a price taker.
B) Price exceeds average total cost.
C) The elasticity of demand facing the firm is ?3.
D) the firm can vary several inputs in the short run.
Correct Answer:
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Q12: If a firm wished to maximize total
Q13: A firm's marginal revenue is defined as
A)the
Q14: If the demand faced by a firm
Q15: If a firm is a price taker,its
Q16: It is usually assumed that a perfectly
Q18: If a firm's marginal revenue is below
Q19: A firm's total revenue is equal to
A)total
Q20: If demand is inelastic,marginal revenue will be
A)positive.
B)zero.
C)negative.
D)constant.
Q21: Suppose a farmer is a price taker
Q22: Suppose a farmer is a price taker
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