If the level of output produced by the firms in a perfectly competitive market has no effect on the prices of the inputs used by the firms, the market supply curve will be flatter than the supply curve for an individual firm in the market
Indicate whether the statement is true or false
TRUE
You might also like to view...
Public utilities are often referred to as
a. supernatural monopolies. b. oligopolistic monopolies. c. natural monopolies. d. competitive monopolies.
Refer to the figure above. With the tariff, the government collects
A) $50,000. B) $60,000. C) $100,000. D) $220,000.
The term "flexible exchange rates" refers to
A) a situation in which exchange rates are allowed to fluctuate in the open market in response to changes in supply and demand. B) the increase in the exchange value of one nation's currency in terms of an other nation. C) a nation in which households, firms, and governments buy and sell national currencies. D) the decrease in the exchange value of one nation's currency in terms of another nation.
Private firms and public bureaus differ in the sense that
a. only private firms employ capital b. public bureaus usually show a profit c. some public bureaus are inefficient d. ownership of private firms is transferable e. ownership of public bureaus is transferable in the marketplace