Explain what it means and why firms in a competitive market are "price takers."
-Use a supply and demand graph of a market to demonstrate and explain the price an individual firm "takes."
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Q6: Whats defention of terms:
-price taker
Q7: Whats defention of terms:
-rule for maximizing profit
Q8: List and explain the assumptions and characteristics
Q9: List and explain the assumptions and characteristics
Q10: Explain what it means and why firms
Q12: Describe the demand curve facing the individual
Q13: Describe the demand curve facing the individual
Q14: Explain the profit-maximizing level of output for
Q15: Explain the profit-maximizing level of output for
Q16: Understand criticism of the competitive market model
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