Question: Plzz solve this as soon as possible Styles True/false 1. Marginal revenue is the extra income a firm receives above break-even 2. An increase in
Plzz solve this as soon as possible

Styles True/false 1. Marginal revenue is the extra income a firm receives above break-even 2. An increase in business taxes causes the supply curve to shift left. 3. Allocation efficiency is absent if price exceeds marginal cost. 4. A decrease in supply causes the price to fall and the quantity traded to increase. 5. An increase in incomes will lead to a decrease in the demand for an inferior product 6. Mutual interdependence is a significant characteristic of a monopolistic competitive industry 7. Imperfect competition is characterized by firms competing on price. 8. Productive efficiency occurs when firms charge a price that is equal to AC 9. monopolistic competitive firms typically make economic profits in the long run 10. A firm will not shut down in the short run so long as it is covering its variable costs a. What is the opportunity cost of a particular product? The combined value of all the other alternatives that are given up as a result of buying that particular product *The value put on that product by the person who bought it "The price paid for that product "The value of the next-best alternative that is given up as a result of buying that particular product b. All of the following except one are characteristics of perfect competition, Which is the exception? "There are many buyers and sellers There is extensive advertising. "Extensive information regarding the market is available to all "There is easy entry and exit into the market
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
