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October 25, 2014

Homework Help: Micoreconomics

Posted by G on Monday, September 1, 2008 at 10:32am.

As a general rule, profit-maximizing producers in a competitive maket produce output at a point where:

A) Marginal cost is increasing
B) Marginal cost is decreasing
C) marginal revenue is increasing
D) Price is less then marginal revenue

I picked C?

The short-run supply curve for a firm in a perfecly competive market is:

A) Likely to be horizontal
B) Likely to slope downward
C) Determined by forces external to the firm
D) It's marginal cost curve (above average variable cost)

I picked B?

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