This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. ... (Read 184 times)

Yolanda

  • Hero Member
  • *****
  • Posts: 757
on: Jun 29, 2018
Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms.
 
  A) I and II
  B) II and III
  C) I, II and III
  D) I only

Question 2

The marginal cost curve
 
  A) shows the maximum price that a producer must receive to induce it to produce a unit of a good or service.
  B) shows the minimum price sellers must receive to produce a unit of a good or service.
  C) is the same as the demand curve.
  D) shows what buyers are willing to give up to get one more unit of a good or service.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

johnpizzaz

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


Yolanda

  • Member
  • Posts: 757
Reply 2 on: Jun 29, 2018
Wow, this really help

kusterl

  • Member
  • Posts: 315
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

The different types of competition in nature. The different types of competition in nature.
Discipline-specific training can take years to perfect. Discipline-specific training can take years to perfect.
Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Perfect logistic curves Perfect logistic curves
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Introduction to Macular Degeneration

For a complete list of videos, visit our video library