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A firm facing a downward sloping demand curve is producing a level of output at which price is $7, marginal revenue is $5, and average total cost, which is at its minimum value, is $3. In order to maximize profit, the firm should
a. decrease price.
b. keep price the same.
c. increase price.
d. decrease output.
e. both c and d.
A supply curve differs from a supply schedule because a supply curve is a graph and the supply schedule is a table. represents all firms in the market, whereas the supply schedule represents one firm. holds the number of suppliers constant, wherea..
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an interesting example of strategic behavior comes from a 1997 article about microsoft?s investment in apple new
Is this a good thing for consumers? On the other hand, the government sees the increase in cell phone use as an opportunity to make some additional revenue, and it decides to tax service providers.
How might one define a composite commodity for ground transportation?
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a university spent 1.8 million to install solar panels atop a parking garage. these panels will have a capacity of
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