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True or false: if hubert'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 the same change in production quantity and, thus, total revenue.

User Lingyan
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1 Answer

5 votes

FALSE

because hubert being a competitive firm, if it decreases the price of engine, demand increases and thus production increases. Therefore revenue also increases.

User Frint
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