A firm in perfect competition is a price taker; this means:
A) It faces a downward sloping demand curve.
B) It faces a perfectly elastic demand curve.
C) The price never changes.
D) To sell more firms must reduce price.
Correct Answer:
Verified
Q2: In perfect competition:
A) Products are homogeneous.
B) Products
Q3: In the long run in perfect competition:
A)
Q4: In the long run in perfect competition:
A)
Q5: A perfectly competitive firm produces where:
A) Marginal
Q6: Productive efficiency occurs where:
A) Price equals average
Q8: Firms in perfect competition cannot make abnormal
Q9: Firms in perfect competition must accept the
Q10: The price elasticity of demand for a
Q11: In the long run in perfect competition:
A)
Q12: In perfect competition profit-maximization always occurs when:
A)
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