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

Author Question: A firm operating in a perfectly competitive market is a price taker because: a. no firm has a ... (Read 86 times)

fox

  • Hero Member
  • *****
  • Posts: 540
on: Jun 30, 2018
A firm operating in a perfectly competitive market is a price taker because:
 a. no firm has a significant market share.
  b. no firm's product is perceived as different.
  c. setting a price higher than the going price results in zero sales.
  d. all of these.

Question 2

If the income elasticity of demand for a good is negative, this means that:
 a. only the poor will buy the good.
  b. as incomes fall, less will be spent on the good.
  c. as incomes rise, the demand for the good will fall.
  d. the good does not obey the law of demand.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bigcheese9

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


fox

  • Member
  • Posts: 540
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

xiaomengxian

  • Member
  • Posts: 311
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Norway lobsters on sale at a Spanish market Norway lobsters on sale at a Spanish market
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 slave market in Marrakesh, Morocco. This lithograph is from the 1800s. A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Reconstruction Drawing of Trajan's Market Reconstruction Drawing of Trajan's Market
A 2.8-kg tool can move on a perfectly smooth ramp that slants at 42° above the horizontal. ... A 2.8-kg tool can move on a perfectly smooth ramp that slants at 42° above the horizontal. ...
Video: Graded potentials - electrical characteristics and types

For a complete list of videos, visit our video library