Chat with AI
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 9
Two features of the demand facing a firm will ensure that the firm must act as a price taker:
a. That other firms be willing to provide all that is demanded at the current price, and
b. That consumers of the firm s output regard it as identical to that of its competitors.
Explain why both of these conditions are required if the firm is to treat the price of its output as given. Describe what the demand facing the firm would be like if one of the conditions held but not the other.
a. That other firms be willing to provide all that is demanded at the current price, and
b. That consumers of the firm s output regard it as identical to that of its competitors.
Explain why both of these conditions are required if the firm is to treat the price of its output as given. Describe what the demand facing the firm would be like if one of the conditions held but not the other.
Explanation
Verified
Verified
In case a firm is a price taker, then th...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
