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Author Question: Refer to Figure 5-15. Identify the area that shows the deadweight loss from overfishing. A) efh ... (Read 79 times)

Mr3Hunna

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on: Jun 29, 2018
Refer to Figure 5-15. Identify the area that shows the deadweight loss from overfishing.
 
  A) efh B) ekh C) eghk D) egh

Question 2

Why is a firm in perfect competition a price taker?
 
  What will be an ideal response?


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Leostella20

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

B

Answer to Question 2

One firm's output is a perfect substitute for another firm's output and each firm is a small part of the market. These points imply that each firm cannot unilaterally influence the market price at which it can sell its good or service. It must accept, or take the market equilibrium pricehence the term, price taker.


Mr3Hunna

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

matt95

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Reply 3 on: Yesterday
Excellent

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