Which of the following is true of a perfectly competitive firm?
a. It can exert slight control over the market price of its output.
b. It can exert significant control over the market price of its output.
c. It can exert no control over the market price of its output.
d. It can work with competitors to exert control over the market price of its output.
C
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________ refers to any factor that keeps the market wage above the level that would clear the labor market
A) Wage discrimination B) Price ceiling C) Wage rigidity D) Wage stability
Economists consider the ________ to be the most accurate measure of interest rates
A) simple interest rate. B) current yield. C) yield to maturity. D) real interest rate.
Total utility decreases when diminishing marginal utility is present
a. True b. False Indicate whether the statement is true or false
If a purely competitive firm is producing at some level less than the profit-maximizing output, then:
A. price is necessarily greater than average total cost. B. fixed costs are large relative to variable costs. C. price exceeds marginal revenue. D. marginal revenue exceeds marginal cost.