When perfect competition prevails, which of the following characteristics of firms are we likely to observe?
A) They erect and maintain barriers to new firms.
B) There are not many of them.
C) They all try to highlight the substantial product differentiation between producers.
D) They are all price takers.
Correct Answer:
Verified
Q22: People in the eastern part of Beirut
Q23: For a perfectly competitive firm,marginal revenue:
A)is less
Q24: A firm's total output times the price
Q27: A perfectly competitive firm will maximize profits
Q29: In perfect competition:
A) a firm's total revenue
Q30: If a perfectly competitive firm decreases production
Q33: Total revenue is a firm's:
A)change in revenue
Q35: Perfectly competitive firms will:
A) maximize total revenue
Q37: _ almost always take the market price
Q39: The marginal revenue received by a firm
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