A competitive firm
a. and a monopolist are price takers.
b. and a monopolist are price makers.
c. is a price taker, whereas a monopolist is a price maker.
d. is a price maker, whereas a monopolist is a price taker.
c
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Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $20, how much economic profit does the firm make?
A) $0 B) $12 C) -$20 D) -$10
Consider a market with a price ceiling. If the price ceiling is raised which of the following would happen?
a. The consumer surplus would increase, the producer surplus would decrease and the dead weight loss would decrease b. The consumer surplus would increase, the producer surplus would decrease and the dead weight loss would increase c. The consumer surplus, the producer surplus and the dead weight loss would all decrease d. The consumer surplus, the producer surplus and the dead weight loss would all increase e. The consumer surplus would decrease, the producer surplus would increase and the dead weight loss would decrease
Profits account for about 30 cents out of each dollar spent on goods in the United States
a. True b. False Indicate whether the statement is true or false
The following image shows the market equilibrium for opera tickets. The graph shows that a demand curve for opera tickets, labeled D and a supply curve of opera tickets, labeled S. Area _____ represents the maximum amount that consumers are willing to pay for 10 opera tickets?.
a. ?a b. ?a + b c. ?c d. ?b e. ?a + b + c