All cost increases are passed on to a firm's customers in the form of higher prices.
Correct Answer:
Verified
Q2: If marginal cost exceeds marginal revenue,then a
Q3: In order to maximize profits,firms should produce
Q4: When the price of fabric falls,it does
Q5: Economists attempt to understand firm behavior by
Q6: Firms are so diverse in size and
Q8: Profits will be positive as long as
Q9: Since Marginal Revenue measures the additional revenue
Q10: Either a rise in marginal cost or
Q11: Total cost and marginal cost can both
Q12: Fixed costs have no effect on a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents