Suppose life is discovered on Mars and that it turns out to be quite sophisticated.In fact, perfect competition prevails everywhere on the planet.Which of the following characteristics of Martian firms are we likely to observe?
A) None of them ever experiences diminishing marginal returns.
B) They all try to operate where price equals average variable cost.
C) They all try to operate where price equals total cost.
D) The are all price takers.
Correct Answer:
Verified
Q5: Individuals in a market who must take
Q11: In a perfectly competitive market:
A) there are
Q19: Perfect competition is characterized by:
A)rivalry in advertising.
B)fierce
Q21: Perfect competition is best considered a:
A) realistic
Q22: Economic profit:
A) exists when total revenue exceeds
Q23: Use the following to answer question(s):
Exhibit:
Q26: Use the following to answer question(s):
Exhibit:
Q32: A firm's total output times the price
Q39: In perfect competition:
A) a firm's total revenue
Q40: Perfect competition is important to study because
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