Perfectly competitive firms are known for being "price makers."
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose Bright Orange is large firm that grows and harvests oranges. Each orange yields 2 ounces of orange juice and exactly one orange peel. The market for oranges is perfectly competitive and Bright Orange sells the orange juice to juice distributors and the orange peels to fragrance companies. At a quantity of 400,000 oranges, juice distributors will pay $0.04 per ounce of orange juice and
fragrance companies will pay $0.15 per orange peel. At the quantity of 400,000 oranges, what is the market equilibrium price of an orange? A) $0.11 B) $0.25 C) $0.23 D) $0.19
If consumer confidence rises and inflation expectations remain unchanged, what happens to inflation and unemployment? Defend your answer
When output rises, AFC
A. must be rising. B. must be falling. C. may be falling or rising. D. will remain constant.
An excludable good is a good that a producer can prevent people from consuming
Indicate whether the statement is true or false