For a perfectly competitive industry, diminishing marginal returns O a. Diminishing marginal returns do not occur in perfectly competitive industries. O b. occur in both the short run and in the long run. O c occr only in the short run. O d. occur only in the long run. If a firm in a perfectly competitive industry lowers its price below the market price, its O a. profit will decrease. O b. sales will drop to zero. O c. total revenue will increase. Od. demand curve will become downward sloping.

For a perfectly competitive industry, diminishing marginal returns O a. Diminishing marginal returns do not occur in perfectly competitive industries. O b. occur in both the short run and in the long run. O c occr only in the short run. O d. occur only in the long run. If a firm in a perfectly competitive industry lowers its price below the market price, its O a. profit will decrease. O b. sales will drop to zero. O c. total revenue will increase. Od. demand curve will become downward sloping.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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