Author Question: Philippa grows lettuces commercially. This is a perfectly competitive business and Philippa faces a ... (Read 101 times)

fahad · **on:** May 25, 2020

Question 1

The following diagram shows a profit-maximising firm under perfect competition.

What is the maximum profit it can make in the short run?
◦ £0
◦ £8000
◦ £2800
◦ £13

Question 2

Philippa grows lettuces commercially. This is a perfectly competitive business and Philippa faces a perfectly elastic demand curve. If she wants to try to increase revenues she should
◦ do nothing; there is nothing she can do to increase revenues.
◦ raise the price of her lettuces to make more per sale.
◦ lower the price of her lettuce to try to sell more.
◦ keep the price the same but produce more to increase sales.

kardosa007 · **Reply #1 on:** May 25, 2020

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