This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. ... (Read 205 times)

Yolanda

  • Hero Member
  • *****
  • Posts: 757
on: Jun 29, 2018
Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms.
 
  A) I and II
  B) II and III
  C) I, II and III
  D) I only

Question 2

The marginal cost curve
 
  A) shows the maximum price that a producer must receive to induce it to produce a unit of a good or service.
  B) shows the minimum price sellers must receive to produce a unit of a good or service.
  C) is the same as the demand curve.
  D) shows what buyers are willing to give up to get one more unit of a good or service.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

johnpizzaz

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


Yolanda

  • Member
  • Posts: 757
Reply 2 on: Jun 29, 2018
Excellent

sarah_brady415

  • Member
  • Posts: 328
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Succession in the intertidal zone involves colonization and competition for limited space among spec Succession in the intertidal zone involves colonization and competition for limited space among spec
A stallion with a proven competition record is one criterion for being a suitable sire. A stallion with a proven competition record is one criterion for being a suitable sire.
A true albino squirrel. Note the pink eyes. A true albino squirrel. Note the pink eyes.
Which of the following statements is true of linkage? Which of the following statements is true of linkage?
PIC PERFECT PIC PERFECT
Video: Optic Nerve and Optic Disk Animation (Part 1 of 2)

For a complete list of videos, visit our video library