222) choose the correct answer:1.A firm maximizes profit when it produces output up to the point where marginal cost equals marginal revenue. 2.If marginal cost exceeds m

1-T,2-F,3-T

1-T,2-T,3-T

1-F,2-F,3-T

1-F,2-F,3-F

Answer is:

1-T,2-F,3-T

1-T,2-T,3-T,4-T

1-T,2-T,3-F,4-F

1-F,2-F,3-T,4-T

1-F,2-F,3-F,4-F

Answer is:

All of these answers are characteristics of a competitive market.

There are many buyers and sellers in the market

The goods offered for sale are largely the same

Firms generate small but positive economic profits in the long run

Answer is:

electricity

cable television

cola

milk

Answer is:

doubles

more than doubles

less than doubles

cannot be determined because the price of the good may rise or fall

Answer is: