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Author Question: Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. ... (Read 185 times)

Yolanda

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on: Jun 29, 2018
Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms.
 
  A) I and II
  B) II and III
  C) I, II and III
  D) I only

Question 2

The marginal cost curve
 
  A) shows the maximum price that a producer must receive to induce it to produce a unit of a good or service.
  B) shows the minimum price sellers must receive to produce a unit of a good or service.
  C) is the same as the demand curve.
  D) shows what buyers are willing to give up to get one more unit of a good or service.


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johnpizzaz

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


Yolanda

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

chereeb

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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