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adelina 88 [10]
3 years ago
5

If Jacques's Fire Engines were a competitive firm instead and $80,000 were the market price for an engine, decreasing its price

from $80,000 to $60,000 would result in a decrease in the production quantity, but an increase in total revenue.
a) true
b) false
Business
1 answer:
Anna35 [415]3 years ago
3 0

Answer:

The correct answer is:

false (b)

Explanation:

Reduction in the price of a good or service in a competitive market leads to an increase in quantity demanded, which in turn leads to an increase in the production quantity, to cater for the increase in the volume of demand. Hence the reduction in the price of Jacques's fire engines will increase demand and in effect increase the production quantity. With respect to the total revenue, depending on the extent of demand increase, the total revenue might increase or even decrease. If the total demand exceeds the previous demand to make up for the reduction in price, the total revenue will increase, if not so, the total revenue will decrease.  

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Explanation:

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Answer:

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3 years ago
From her sales income, barbara has subtracted cost of goods sold, operating expenses, interest expense, and taxes. what she has
Murrr4er [49]
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The correct answer is letter A.

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3 years ago
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