Table 14-8 Suppose That a Firm in a Competitive Market Faces the Faces

question 77

Multiple Choice

Table 14-8
Suppose that a firm in a competitive market faces the following revenues and costs:

-Refer to Table 14-8.The firm will produce a quantity greater than 4 because at 4 units of output,marginal cost

• A) is less than marginal revenue.
• B) equals marginal revenue.
• C) is greater than marginal revenue.
• D) is minimized.

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Definitions:

Noncompetition

An agreement, often within a contract, that restricts one party from competing directly with another party, usually after termination of the agreement.

Disaffirm

To disaffirm means to legally reject or void a contract or agreement, usually because of the incapacity or unfairness to one party involved.

Minor

An individual who is under the age of majority, legally considered as not yet fully adult and under the care of a parent or guardian.

Rescind

To cancel or repeal a contract, agreement, or order, effectively bringing it to an end.