For firms that sell one product in a perfectly competitive market, the market price:
A. is equal to the average total cost of a firm.
B. is higher than the marginal revenue of a firm
C. can be influenced by one firm's output decision.
D. is taken as a constant by individual firms.
Answer: D
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Two taxes that have consumption as a tax base are ____ taxes and _____ taxes
a. income; general sales b. general sales; valued-added c. excise; income d. estate; retail sales
The price elasticity of demand for labor will be smaller, the
A) smaller is the price elasticity of demand for the final product. B) easier it is to employ substitute inputs in production. C) larger is the proportion of wage costs in the total cost of production. D) longer is the time period under examination.
A government budget deficit will lead to:
a. an increase in the supply of loanable funds and an increase in real interest rates. b. a decrease in the supply of loanable funds and an increase in real interest rates. c. an increase in the supply of loanable funds and a decrease in real interest rates. d. a decrease in the supply of loanable funds and a decrease in real interest rates.
Why does the private market succeed in meeting consumers’ demands while majority voting in many cases fails to do the same?
Please provide the best answer for the statement.