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Author Question: A firm that is a price taker can: a. substantially change the market price of its product by ... (Read 114 times)

captainjonesify

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on: Jun 30, 2018
A firm that is a price taker can:
 a. substantially change the market price of its product by changing its level of production.
  b. sell all of its output at the market price.
  c. sell some of its output at a price higher than the market price.
  d. decide what price to charge for its product.

Question 2

The price elasticity of demand coefficient for a good will be lower:
 a. if there are few substitutes for the good.
  b. if expenditure on it is a small part of one's budget.
  c. both a and b are true.
  d. neither a nor b are true.


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jsm54321

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


captainjonesify

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Reply #2 on: Jun 30, 2018
Thank you :)


jsm54321

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Reply #3 on: Jun 30, 2018
Happy to help you


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