A perfectly competitive firm's short-run supply is infinite at the market price

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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Profit is constant along an isoquant.

Answer the following statement true (T) or false (F)

Economics

Trade between countries is based on

A) absolute advantage only. B) monopoly power. C) comparative advantage. D) none of these choices.

Economics

The outer loop of the circular-flow diagram represents the flows of dollars in the economy. Which of the following does not appear on the outer loop?

a. wages b. income c. capital d. rent

Economics

The increase in the market value of a good at a particular stage of production is known as

A. Cost based accounting. B. Value added. C. The input price. D. Profit.

Economics