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Author Question: A perfectly competitive firm has to charge the same price as every other firm in the market. ... (Read 71 times)

big1devin

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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
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Jbrasil

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


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