Author Question: Which of the following statements is (are) true concerning a pure competition situation? a. Its ... (Read 42 times)

JMatthes · **on:** Jul 1, 2018

Which of the following statements is (are) true concerning a pure competition situation?
a. Its demand curve is represented by a vertical line.
b. Firms must sell at or below market price.
c. Marginal revenue is equal to price.
d. both b and c
e. both a and b

Question 2

Vertical contracts between manufacturers and retailers often aim to
a. Prevent the manufacturers from upstream price discrimination
b. Reward the manufacturer for undertaking the risk inherent in introducing a new product
c. Serve as a signal of the manufacturer's belief of the likely success of his product
d. All of the above