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 191 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
Wow, this really help

bdobbins

  • Member
  • Posts: 326
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Firms Incorporated into U.S. Steel Firms Incorporated into U.S. Steel
How to factor a perfect square trinomial How to factor a perfect square trinomial
A diagram showing one of Mendel’s crosses. True-breeding strains of pea plants with smooth and ... A diagram showing one of Mendel’s crosses. True-breeding strains of pea plants with smooth and ...
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Protein Structure - Primary, Secondary, Tertiary and Quaternary

For a complete list of videos, visit our video library