A firm is alone in selling good XYZ in a market, where the following holds: • A: the firm produces no other good than XYZ • B: the law of demand holds • C: the firm is a start-up • D: the firm is making zero profit • E: the good XYZ is a normal good • F: there are no close substitutes to the good XYZ • G: the firm demand = the market demand Further, the marginal revenue of that firm is declining. Why? Pick all statements that play a role in the explanation... E, F, G A, C, D, E A, B, G Your answer is incorrect. The correct answer is: B, G OB, G x

A firm is alone in selling good XYZ in a market, where the following holds: • A: the firm produces no other good than XYZ • B: the law of demand holds • C: the firm is a start-up • D: the firm is making zero profit • E: the good XYZ is a normal good • F: there are no close substitutes to the good XYZ • G: the firm demand = the market demand Further, the marginal revenue of that firm is declining. Why? Pick all statements that play a role in the explanation... E, F, G A, C, D, E A, B, G Your answer is incorrect. The correct answer is: B, G OB, G x

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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