« previous next »

Author Question: A perfectly competitive firm has to charge the same price as every other firm in the market. ... (Read 85 times)

big1devin

  • Hero Member
  • *****
  • Posts: 583
on: Jun 29, 2018
A perfectly competitive firm has to charge the same price as every other firm in the market. Therefore, the firm
 
  A) faces a perfectly elastic supply curve. B) is not able to make a profit in the short run.
  C) faces a perfectly inelastic demand curve. D) is a price taker.

Question 2

When a monopolistically competitive firm lowers it price one bad thing happens to the firm. What is this one bad thing called?
 
  A) the price effect B) the substitution effect
  C) the output effect D) the income effect
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Jbrasil

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

How a catalyst circumvents unfavorable charge development during cleavage of an amide How a catalyst circumvents unfavorable charge development during cleavage of an amide
Electrical charge of the inner and outer regions of nerve cells Electrical charge of the inner and outer regions of nerve cells
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
The xy plane is painted with a uniform surface charge density which is equal to 40 nC/m2 . ... The xy plane is painted with a uniform surface charge density which is equal to 40 nC/m2 . ...
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed? The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?
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: Simple Diffusion - gases and nonpolar compounds transport

For a complete list of videos, visit our video library