Author Question: In a perfectly competitive market with 100 identical firms producing at market price p1 A) the ... (Read 115 times)

biggirl4568 · **on:** Jul 1, 2018

In a perfectly competitive market with 100 identical firms producing at market price p1

A) the supply curve is flatter than if there were only 50 identical firms.
B) the supply curve is more elastic than if there were only 50 identical firms.
C) the firms have identical marginal costs.
D) All of the above.

Question 2

An automobile manufacturer is trying to make decisions about using more workers or more equipment. This belongs to the trade-off

A) Which goods and services to produce.
B) How to produce.
C) Who gets the goods and services.
D) Who produces the goods and services.