As price increases, firms in a perfectly competitive market find that it is:
A. easier to sell their product.
B. beneficial to produce more units of output.
C. more difficult to sell their product.
D. beneficial to produce fewer units of output.
Answer: B
You might also like to view...
Refer to Figure 18-8 to answer the following questions
a. Did the distribution of income become more equal in 2016 than it was in 2015, or did it become less equal? Explain. b. If area A = 1,900, area B = 450, and area C = 2,650, calculate the Gini coefficient for 2015 and the Gini coefficient for 2016.
Which of the following is TRUE of the Federal Reserve System? I. It was established in the early 1980s. II. It serves as the central bank of the United States
A) I only B) II only C) Both I and II D) Neither I nor II
If a consumer has an income of $120, the price of X is $5, and the price of Y is $8. Which combination of the two goods is unattainable?
A. 2X and 13Y. B. 8X and 10Y. C. 12X and 8Y. D. 20X and 2Y.
In finance, leverage is using:
A. the equity one owns to pay for investments planned in the future. B. borrowed money to pay for investments. C. forecasted future earnings to pay for current loans. D. predicted earnings to pay for current investments.