Assume that a firm can produce either Product A, or Product B, or Product C with the
Question:
1. Which product should the firm produce?
a. Product a
b. Product b
c. Product c
d. Don't know
2. If the price of A rose to $8, what product should the firm produce?
a. Product a
b. Product b
c. Product c
d. Don't know
3. If the firm were producing Product A and selling it at a price of $8, what would tend to happen to the number of firms producing Product A?
a. The number of firms would increase
b. The number of firms would decrease
c. The number of firms would stay the same
d. Don't know
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Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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