The study of individual markets of demand and supply in which the 'players', or the decision makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called? Options: 1) Macroeconomics 2) Econometrics 3) Microeconomics 4) Heterodox Economics
Answered 7 yr ago
bhavishya kumarCorrect Answer: Microeconomics...Read more
For a price taking firm, average revenue is ______ market price. Options: 1) half of 2) equal to 3) double of 4) less than
Answered 7 yr agoCorrect Answer: equal tothe marginal revenue for each unit sold is equal to the price, and the average revenue is also equal to the price, as every unit costs the same, so when you divide the total revenue by the number of units sold, you get the price. ...Read more