« previous next »

Author Question: Under perfect competition, a firm is a price taker because: a. setting a price higher than the ... (Read 74 times)

Zoey63294

  • Hero Member
  • *****
  • Posts: 539
on: Jun 30, 2018
Under perfect competition, a firm is a price taker because:
 a. setting a price higher than the going price results in profits.
  b. each firm's product is perceived as different.
  c. each firm has a significant market share.
  d. setting a price higher than the going price results in zero sales.

Question 2

A study of consumers in an area found that as family income increased from 25,000 per year to 35, 000 per year, other factors held constant, the number of houses purchased increased from 7,000 per year to 11,000 per year. This finding indicates an income elasticity of demand coefficient for housing over this family income range of:
 a. 0.22.
  b. 0.75.
  c. 1.33.
  d. 4.50.


blakcmamba

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

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

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Public setting Public setting
J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
Abdominal thrusts are delivered with a firm thrust into the patient’s abdomen with an upward ... Abdominal thrusts are delivered with a firm thrust into the patient’s abdomen with an upward ...
A typical distillation curve. Heavier molecules evaporate at higher temperatures and contain more ... A typical distillation curve. Heavier molecules evaporate at higher temperatures and contain more ...
Refraction and the Setting or Rising Sun Refraction and the Setting or Rising Sun
Parents who have higher levels of education encourage their children to be educated Parents who have higher levels of education encourage their children to be educated
Video: Structures that affect circulation - arterioles and vasomotor responses

For a complete list of videos, visit our video library