Author Question: Why can't a firm in a perfectly competitive industry charge a price above the market-clearing price? ... (Read 178 times)

dbose

  • Hero Member
  • *****
  • Posts: 597
Why can't a firm in a perfectly competitive industry charge a price above the market-clearing price?
 a. Government-imposed price ceilings prevent prices from being raised.
 b. Firms in a perfectly competitive industry face significant barriers to entry.
  c. Perfectly competitive firms are price searchers.
 d. Numerous competitors produce the same product and charge the market price.

Question 2

With the passage of time as the availability of an exhaustible resource declines, the cost of extraction of the resource increases.
 a. True
  b. False
  Indicate whether the statement is true or false



ky860224

  • Sr. Member
  • ****
  • Posts: 350
Answer to Question 1

d

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

For a complete list of videos, visit our video library