QUESTION 9 There is a market supply curve in a e perfectly competitive market e

Question

QUESTION 9 There is a market supply curve in a e perfectly competitive market e monopolistically competitive market. e monopolistic market. e perfectly competitive market and monopolistically competitive market. QUESTION 10 in the model of perfect competition, firms maximize profits by producing where: a. the difference between price and marginal cost is maximized b. the difference between marginal revenue and marginal cost is maximized c marginal revenue equals price d. the difference between price and marginai revenue is maximized e. price equais marginal cost

Explanation / Answer

9. Market Supply Curve lies in the Perfect Competitive Market.

The supply curve shows that as the price of products rises, producers will supply more products. (This is due to diminishing returns, as explained in the introduction of the course.)

10. Where price equals marginal cost.

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