A firm operating in a perfectly competitive market is a price taker because:
a. no firm has a significant market share.
b. no firm's product is perceived as different.
c. setting a price higher than the going price results in zero sales.
d. all of these.
d
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Natural pollutants
a. include such releases as hazardous chemical wastes b. arise from nonartificial processes in nature, such as pollen c. refer to those associated with human activity such as fossil-fuel combustion d. all of the above
Suppose a commodity market is initially in equilibrium. An increase in the nation's skilled labor force then lowers the marginal cost of producing each unit of output. Which of the following changes will be observed?
a. The demand curve will shift upward b. The supply curve will shift downward c. The demand curve will shift downward d. The supply curve will shift upward
The profit-maximizing price of the monopolist compared to the perfectly competitive industry in the above figure are, respectively
A. P1 and P3. B. P1 and P2. C. P1 and P5. D. P2 and P5.
Refer to the diagram. If labor is the only variable input, the marginal product of labor is at a:
A. maximum at point a.
B. minimum at point a.
C. maximum at point b.
D. minimum at point b.