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.Management Sciences
A. all firms must make economic profits.
B. there are no fixed factors of production
C. a firm can vary all inputs, but it cannot change the mix of inputs it uses.
D. a firm can shut down, but it cannot exit the industry
Related Mcqs:
- Marginal revenue is ?
- A. the additional profit the firms earns when it sells an additional unit of output B. the difference between total revenue and total cost C. The ratio of total revenue to quantity. D. the added revenue that a firm takes in when it increases output by one additional unit....
- Maximum profit can be shown on a diagram using ?
- A. the MR and MC curves B. the AC and AR curves C. the AC and MC curves D. the MR and AR curves...
- A major weakness of the kinked demand curve model of oligopoly is that ?
- A. it assumes that firms believe that their rivals will not respond to any price change they initiate B. it fails to explain how a firm arrived at its price and output decision initially C. The model cannot be tested empirically. D. Real-world pricing strategies are more simple than those assumed in this model...
- Suppose we know that a monopolist is maximizing its profits. Which of the following is a correct inference? the monopolist has?
- A. maximized its total revenue B. set price equal to its average cost C. equated marginal revenue and marginal cost D. maximized the difference between marginal revenue and marginal cost....
- In contestable markets large oligopolistic firms end up behaving like ?
- A. monopolistically competitive firms B. a cartel C. perfectly competitive firms D. a monopoly....
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