A(n) _____ perceives the demand for its own output as horizontal at the market price, so it can produce as much or as little as it wants without affecting that price.
a. oligopolist
b. monopsonist
c. monopolist
d. perfect competitor
Question 2
Above-normal profits earned by existing firms in a perfectly competitive market will eventually lead to:
a. exit of the firms from the market.
b. an increase in the market price of the good.
c. entry of new firms into the market.
d. a decrease in the aggregate supply.
e. the existing firms emerging as price makers.
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