If a firm is a perfect competitor, then
A) the demand curve for its product is perfectly elastic.
B) it can independently set the price of the product it sells without regard to what other firms in the market are doing.
C) it is impossible for the firm to earn short-run economic profits.
D) its marginal cost will exceed marginal revenue at the optimal level of output.
A
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The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. If a sales tax on sellers of the good is imposed, the tax is paid by
A) only buyers. B) only sellers. C) both buyers and sellers. D) neither buyers nor sellers.
The global financial crisis that started in 2008 has reestablished the continuing relevance of the IMF
Indicate whether the statement is true or false
Minimum-wage laws matter most for the least skilled and least experienced members of the labor force, such as teenagers
a. True b. False Indicate whether the statement is true or false
In a perfectly competitive market, individual consumers have _____.
(A) Less influence than producers concerning prices. (B) No influence over determining price. (C) More influence than producers concerning prices. (D) More influence than consumers in other market structures.