In perfect competition, no individual producer can influence price because
a. each contributes an insignificant amount to total supply.
b. they are ignorant of the market price.
c. it is set by monopolists.
d. it is regulated by the government.
a. each contributes an insignificant amount to total supply.
You might also like to view...
Gross domestic product can be thought of as a measure of
A) the national money supply. B) national income. C) national welfare. D) the national value of all legal exchanges. E) none of the above.
Explain why a country's gains from trade may not accrue to nationals. Indicate the differential effects on GNP and GDP
What will be an ideal response?
Which of the following is the correct expression for the approximate expected real interest rate?
A) r = i + B) r = i - C) r = i/ D) r = i
A monopoly coffee shop is deciding on a menu of different cup sizes to sell to a population of consumers, some of whom are high demanders and some low demanders. How would the optimal menu differ depending on whether the consumers can be observably separated into the different types or not?
a. The menu is unaffected by type observability. b. If types aren't observable, the large cup size should be increased to separate the high demander. c. If types aren't observable, the small cup size should be increased to make it more attractive to low demanders. d. If types aren't observable, the small cup size should be reduced to make it less attractive to high demanders.