Both individual buyers and sellers in perfect competition
A) can influence the market price by their own individual actions.
B) can influence the market price by joining with a few of their competitors.
C) have the market price dictated to them by government.
D) have to take the market price as a given.
Question 2
Refer to Table 13-1. What portion of the marginal revenue of the 4th unit is due to the output effect and what portion is due to the price effect?
A) output effect = -0.50; price effect = 5.00 B) output effect = 24.00; price effect = 19.50
C) output effect = 6.00; price effect = -1.50 D) output effect = 6.50; price effect = 2.00
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