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The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
Edition 13ISBN: 9780132992695The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
Edition 13ISBN: 9780132992695 Exercise 2
"A price searcher should set marginal revenue as far above marginal cost as possible." Explain why this statement is wrong. What is being erroneously assumed by someone who thinks that net receipts will be zero at an output where marginal revenue equals marginal cost?
Explanation
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Marginal revenue is that revenue which i...
The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
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