1.Tom produces commemorative t-shirts in a competitive
market. If Tom decides to decrease his output, this
will
a.
increase his revenue, since the output decrease leads to a
higher market price.
b.
decrease his revenue, since the price does not rise
sufficiently when output drops to offset the drop in Tom’s
output.
c.
increase his revenue, since Tom’s competitors will also
decrease their output, so that price rises to offset the drop in
Tom’s output.
d.
decrease his revenue, since his...