Author Question: The perfectly competitive model assumes that: a. individual sellers can influence the market price. ... (Read 40 times)

Hungry! · **on:** Jun 30, 2018

The perfectly competitive model assumes that:
a. individual sellers can influence the market price.
b. sellers can increase their total revenue by raising prices.
c. firms can enter and exit the industry with relative ease.
d. firms compete by varying a product's quality rather than a product's price.

Question 2

Unlike nonrenewable resources, the timing of extraction of renewable resources are independent of the market rate of interest.
a. True
b. False
Indicate whether the statement is true or false