Which statement about a perfect competitor is NOT correct?
A) The products made by a perfectly competitive firm have no close substitutes.
B) The perfectly competitive firm is always a price taker.
C) If an individual firm raises its price, it will lose potential profit.
D) The perfect competitor sells a homogeneous commodity.
Correct Answer:
Verified
Q32: There are nearly 3 billion shares of
Q33: Which firm is MOST likely to operate
Q34: Which is a characteristic of a perfectly
Q35: Which is NOT an example of a
Q36: The perfectly competitive firm faces a perfectly
Q38: Which statement is FALSE if goods in
Q39: A price taker is a firm that
A)
Q40: The perfectly competitive model assumes that consumers
Q41: In the short run
A) the number of
Q42: In the long run
A) all factors of
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