As the Marginal Revenue Curve Moves Upward the Perfectly Competitive

question 92

Multiple Choice

As the marginal revenue curve moves upward the perfectly competitive firm will:

• A) change the selection of products it offers to the customers.
• B) change its output and will be able to charge a higher price.
• C) change its output but will not be able to change the price.
• D) change its price and will not change its output.

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Definitions:

Voidable

Describes a contract or transaction that remains valid until it is declared void by one of the parties due to certain conditions such as fraud or misrepresentation.

Fraud

The intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Immigrant

A person who moves to a country other than their own for the purpose of permanent residence.

Void

Describes a contract or legal agreement that has no legal force or effect and is unenforceable.