A firm in a perfectly competitive industry is a

A) price taker.
B) quantity taker.
C) profit maker.
D) price maker.


Answer: A

Economics

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If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?

a. The quantity of milk demanded will increase. b. The quantity of milk supplied will decrease. c. There will be a surplus of milk. d. There will be a shortage of milk.

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Indicate whether the statement is true or false

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Which of the following best expresses the equation for holding period return?

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