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Hey guys my Econ final is on Tuesday and I could use some help. These are 4 example questions true/false with explanation needed.
1. A monopolist will produce less and charge a higher price than a perfectly competitive industry.
2. Regardless of the type of price control, if it is effective it will reduce the quantity.
3. At maximum profit, a perfectly competitive firm will produce in the short-run even if it is losing money.
4. If demand is inelastic an increase in the price will cause a decrease in the firm's Total Revenues.
Thanks guys!
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