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Author Question: Which of the following is a characteristic of a competitive price-taker market? a. Profit ... (Read 22 times)

Zulu123

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on: Jun 30, 2018
Which of the following is a characteristic of a competitive price-taker market?
 a. Profit maximizing firms in the market will expand output until price equals average variable cost.
  b. The market demand curve for the product is a horizontal line.
  c. There are many firms in the market, each producing a small share of total market output.
  d. The product produced by each of the firms is differentiated.

Question 2

The price elasticity of demand for a particular good is influenced by which of the following factors?
 a. b and c.
  b. The income of the buyers.
  c. The availability of substitutes.
  d. The level of competition among sellers.
  e. How many uses the good has.


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johnharpe

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

c

Answer to Question 2

a


Zulu123

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Reply 2 on: Jun 30, 2018
Excellent

cassie_ragen

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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