A Price-Taker Firm Will Tend to Expand Its Output So

question 33

Multiple Choice

A price-taker firm will tend to expand its output so long as its

• A) marginal revenue is positive.
• B) marginal revenue is greater than the market price.
• C) marginal revenue is less than the market price.
• D) marginal cost is less than the market price.

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Definitions:

Gambler's Fallacy

A cognitive bias where an individual erroneously believes that past events will affect the likelihood of future independent events, often seen in probability contexts.

Bilingualism

The ability to fluently speak two languages.

Smaller Vocabularies

A limited set of words known and used by an individual or group, often associated with language development issues.

Mental Processes

The internal, covert activities of our minds, such as thinking, feeling, and remembering.