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18 Dec 2019

Which of the following is not true for a price searcher?
The demand curve is downward sloping.
Marginal Revenue = Price.
Average Revenue = Price.
Price must be lowered to sell more output.

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Trinidad Tremblay
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31 Dec 2019
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Related questions

The marginal revenue curve faced by a perfectly competitive firm:

-is horizontal at the market price.

-is downward sloping, because price must be reduced to sell more output.

-lies below the firm's demand curve.

-has all of these characteristics.

The marginal revenue curve faced by a perfectly competitive firm
a. lies below the firm's demand curve
b. is downward sloping, because price must be reduced to sell more output
c. is horizontal at the market price
d. has all of these characteristics

1. A price-taking firmรขย€ย™s short-run supply curve is

a. the portion of its marginal cost curve above the average variable cost curve.

b. its average total cost curve.

c. its average variable cost curve.

d. its entire marginal cost curve. e. none of the above.

2. Which of the following is incorrect?

a. For a firm facing a downward-sloping demand curve, marginal revenue will be less than price.

b. In making output decisions, a firm should produce the output level for which marginal revenue equals marginal cost.

c. A price-taking firm will maximize profits by choosing that level of output for which price equals marginal cost.

d. The demand curve facing a price-taking firm is downward-sloping to the right.

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