If a firm in a perfectly competitive market were to raise its price,its
A) revenue would decrease only if market demand were elastic.
B) revenue would increase only if market demand were inelastic.
C) total costs would increase.
D) revenue would fall dramatically.
E) profits would increase as long as costs remained constant.
Correct Answer:
Verified
Q11: Suppose XYZ Corp.is a profit-maximizing firm that
Q12: The theory of perfect competition is built
Q13: The conditions for a perfectly competitive market
Q14: Which of the following statements does NOT
Q15: A firm is said to have "market
Q17: The term "perfect competition" refers to
A)rivalrous behaviour.
B)ideal
Q18: Why will a perfectly competitive firm not
Q19: The price elasticity of demand faced by
Q20: When economists say that a firm is
Q21: For any firm operating in any market
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