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Author Question: A firm in a price-taker market: a. must take the price that is determined in the market. b. must ... (Read 34 times)

kshipps

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on: Jun 30, 2018
A firm in a price-taker market:
 a. must take the price that is determined in the market.
  b. must reduce its price if it wants to sell a larger quantity.
  c. must be large relative to the total market.
  d. can exert a major influence on the market price.

Question 2

The price elasticity of demand coefficient for a good will be greater:
 a. if close substitutes exist.
  b. if minor complements exist.
  c. in the short-run.
  d. if a small portion of the budget will be spent on it.


jxjsniuniu

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

a


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