Which of the following is true of a perfectly competitive firm?
A) It is difficult for entrepreneurs to become suppliers of a product in a perfectly competitive market structure.
B) A perfectly competitive firm has a perfectly elastic supply curve.
C) In a perfectly competitive market, an individual seller can change his or her price and it will not alter the output he or she sells.
D) A perfectly competitive seller cannot alter the quantity supplied of his or her good.
E) In a perfectly competitive market, producers and consumers have complete knowledge of the market.
Correct Answer:
Verified
Q21: Brady, a farmer, sells wheat in a
Q22: Which of the following is true of
Q23: Which of the following best resembles a
Q24: A perfectly competitive firm is a:
A)price giver.
B)price
Q25: Which of the following market structures is
Q27: Which of the following is a reason
Q28: A firm facing a horizontal demand curve:
A)can
Q29: In a perfectly competitive industry, influence over
Q30: The value of elasticity of the demand
Q31: Perfect competition describes:
A)an industry in which a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents