Author Question: Perfectly competitive firms (Read 17 times)

ENagel · **on:** Apr 19, 2019

Question 1

If there is a decrease in industry supply while the industry demand curve remains the same, then an individual firm in a perfectly competitive industry currently earning profits will see its profits

◦ increase.
◦ not change.
◦ decrease.
◦ impossible to determine.

Question 2

Perfectly competitive firms

◦ sell identical products.
◦ are price makers.
◦ are large relative to the size of the market.
◦ All of these are correct.

swimkari · **Reply #1 on:** Apr 19, 2019

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