If a firm faces consumers who are very sensitive to
If a firm faces consumers who are very sensitive to prices,
(a) the firm will have less market power.
(b) the firm will have higher profits.
(c) average total costs will be decreasing.
(d) None of the above.
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the production function q lakb0 lt a b lt 1 is called a cobb-douglas productionfunction this function is widely used
if average costs and marginal costs are constant thena average variable costs must be increasingb there are decreasing
is the concept of a just price a positive or a normative concept
a perfectly competitive firm will shut down immediately when the market price falls belowa average variable costb
if a firm faces consumers who are very sensitive to pricesa the firm will have less market powerb the firm will have
interest rates on us treasury bills are typically much lower than interest rates on us treasury notes and bonds if the
if there are no fixed costs of production the q that solves the firmrsquos first-order condition isa also likely to
your weekly costs to producing q units are given by the following equation cq710q35q2 q3with this technology ac is
if there are no fixed costs of production in the long run the perfectly-competitive firm will producea where av c is
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