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.
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