Which of the following decisions cannot be taken by a firm in a perfectly competitive market?
a. Market exit decision
b. Market price of the product
c. Quantity of output it can produce
d. Entering a market
b
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The ability of an individual, firm, or country to produce more of a certain good than other competing producers, given the same amount of resources, is referred to as:
A) marginal advantage. B) comparative disadvantage. C) absolute advantage. D) perfect advantage.
Globalization benefits all the participating nations equally
a. True b. False Indicate whether the statement is true or false
Susan won $2,000 at the blackjack tables on her birthday. Her winnings are an example of
a. permanent income. b. life-cycle income. c. transitory income. d. an in-kind transfer.
If health care spending is already on the flat of the curve, it may not be possible to improve health status by increasing spending. In this situation, the best way to improve health status may be to:
a. improve overall educational attainment so people can better follow the advice from the medical community. b. increase the availability of government health insurance. c. improve life-style decisions by reducing smoking, alcohol consumption, and drug use. d. invest in biotechnology to determine the genetic factors that improve health. e. improve access to medical care.