For a small firm in an extremely competitive industry, marginal revenue is always equal to price because:
A) the firm has no ability to influence the market price.
B) each firm has large economies of scale.
C) each firm has large fixed costs.
D) if consumers increase their demand for the product, producer surplus falls.
Correct Answer:
Verified
Q37: In a perfectly competitive market, firm level
Q38: Which of the following statements is TRUE?
Q39: The total amount of money that a
Q40: More potential sellers _ the elasticity of
Q41: Total profit for a given quantity of
Q43: Price times quantity minus total cost equals:
A)
Q44: Total cost incorporates:
A) implicit and explicit cost.
B)
Q45: As the price of a good fluctuates,
Q46: Which of the following statements is TRUE?
A)
Q47: Total cost equals fixed cost _ variable
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