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Author Question: Perfectly competitive firms are price takers because a. each firm is too small compared to the ... (Read 41 times)

AEWBW

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on: Jun 30, 2018
Perfectly competitive firms are price takers because
 a. each firm is too small compared to the market to be able to affect price
  b. one firm determines price and all other firms accept this price
  c. firms take the price that government determines
  d. firms must accept any price consumers offer them
  e. firms earn high profits by taking consumers

Question 2

Which of the following could not bar entry into an industry?
 a. economies of scale
  b. diseconomies of scale
  c. patents
  d. licenses
  e. one firm's control of essential resources


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leahm14

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

A

Answer to Question 2

B


AEWBW

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

strudel15

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Reply 3 on: Yesterday
Excellent

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