Both individual buyers and sellers in perfect competition A) ...

[genevieve1028]

Both individual buyers and sellers in perfect competition
 
  A) can influence the market price by their own individual actions.
  B) can influence the market price by joining with a few of their competitors.
  C) have the market price dictated to them by government.
  D) have to take the market price as a given.

Question 2

Refer to Table 13-1. What portion of the marginal revenue of the 4th unit is due to the output effect and what portion is due to the price effect?
 
  A) output effect = -0.50; price effect = 5.00 B) output effect = 24.00; price effect = 19.50
  C) output effect = 6.00; price effect = -1.50 D) output effect = 6.50; price effect = 2.00

[Carissamariew]

Answer to Question 1

D

Answer to Question 2

C