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A Wheat Farmer and a Firm in a Perfectly Competitive

Question 36

Multiple Choice
A wheat farmer and a firm in a perfectly competitive market are similar in that
A)both face vertical demand curves.
B)both have to lower their prices if a rival firm lowers its price.
C)both face horizontal demand curves.
D)both will earn an economic profit if their total revenue equals their total cost.

A wheat farmer and a firm in a perfectly competitive market are similar in that


A) both face vertical demand curves.
B) both have to lower their prices if a rival firm lowers its price.
C) both face horizontal demand curves.
D) both will earn an economic profit if their total revenue equals their total cost.

Correct Answer:

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