« previous next »

Author Question: A perfectly competitive firm has to charge the same price as every other firm in the market. ... (Read 52 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?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

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?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact. Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact.
Firm handshake Firm handshake
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 charge for telephone calls T is partly constant and partly varies with the number N of ... The charge for telephone calls T is partly constant and partly varies with the number N of ...
Video: Conduction of action potentials

For a complete list of videos, visit our video library