« previous next »

Author Question: Why can't a firm in a perfectly competitive industry charge a price above the market-clearing price? ... (Read 176 times)

dbose

  • Hero Member
  • *****
  • Posts: 597
on: Jun 30, 2018
Why can't a firm in a perfectly competitive industry charge a price above the market-clearing price?
 a. Government-imposed price ceilings prevent prices from being raised.
 b. Firms in a perfectly competitive industry face significant barriers to entry.
  c. Perfectly competitive firms are price searchers.
 d. Numerous competitors produce the same product and charge the market price.

Question 2

With the passage of time as the availability of an exhaustible resource declines, the cost of extraction of the resource increases.
 a. True
  b. False
  Indicate whether the statement is true or false


ky860224

  • Sr. Member
  • ****
  • Posts: 350
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

True


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Mosaic of Charge-Coupled Devices Mosaic of Charge-Coupled Devices
J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ... Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ...
Industry is responsible for 21% of global greenhouse gas emissions Industry is responsible for 21% of global greenhouse gas emissions
Three point charges lie on the x x axis. Charge 1 (+9.9 μC μ C ) is at the origin, ... Three point charges lie on the x x axis. Charge 1 (+9.9 μC μ C ) is at the origin, ...
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Video: Secondary and tertiary levels of protein structure Animation

For a complete list of videos, visit our video library