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Dominic sells pizza slices for $5 on the Santa Monica Pier. He currently sells 500 slices of pizza ...

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Dominic sells pizza slices for $5 on the Santa Monica Pier. He currently sells 500 slices of pizza ...

Question 1.

The ________ part of a perfectly competitive firm's marginal cost curve is the firm's short-run supply curve.

▸ rising

▸ falling

▸ horizontal

▸ backward-bending

Question 2.

Dominic sells pizza slices for $5 on the Santa Monica Pier. He currently sells 500 slices of pizza per day.This is a perfectly competitive business, and Dominic faces a perfectly price elastic demand curve. If he wants to try to increase daily revenues to $3,000, he should

▸ raise the price of his pizza to $6 per slice and continue to sell 500 slices per day.

▸ lower the price of his pizza to $4 per slice and try to sell 750 slices per day.

▸ keep the price at $5 per slice and produce 600 slices per day.

▸ do nothing since he can do nothing to increase revenue.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 163 times

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rand22

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More solutions for this book are available here

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JisselFlores Author

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Correct

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This helped my grade so much Perfect

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Helped a lot

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