Individual firms in perfectly competitive industries are price takers because
A) the government sets all prices.
B) buyers set prices.
C) firms decide together on the best price to charge.
D) each individual firm is too small to affect the market price.
Question 2
Farmer Jones knows that the marginal cost to produce a bushel of tomatoes is 5 per bushel. He also knows that a consumer is willing to pay a maximum of 9 for the bushel. The price of the bushel is 6 and Farmer Jones sells his bushel for 6.
On this bushel, Farmer Jones earns a producer surplus equal to A) 1.
B) 3.
C) 5.
D) 6.
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