Recent content by Whambo

Fred's Auto Shop installs tires on automobiles, light trucks, and sport utility vehicles. He is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of installing a tire is $10. The marginal productivity of the last worker that Fred hired was 2 tires...

which of these market structures do firms produce the welfare-maximizing level of output? (a) Perfect competition (b) Monopolistic competition (c) Monopoly (d) Both a and b are correct P.S. Thanks, and I always check best answer.