Which of the following statements about the perfect competitor is INCORRECT?
A. The products made by a perfectly competitive firm have no close substitutes.
B. If an individual firm raises price, it will lose business.
C. The perfect competitor sells a homogeneous commodity.
D. The perfectly competitive firm is always a price taker.
Answer: A
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The total number of workers in two different countries are equal. However, each worker in Country A is three times more productive than a worker in Country B. Which of the following is true in this case?
A) The capital stock in Country B is three times more than the capital stock in Country A. B) The total efficiency units of labor in Country A is three times more than the total efficiency units of labor in Country B. C) The total efficiency units of labor in Country A is one-third of the total efficiency units of labor in Country B. D) The total efficiency units of labor in Country B is six times more than the total efficiency units of labor in Country B.
Suppose there are 20 competitive firms in a market. The supply curve of each firm is q = 2p. The market demand is Q = 200 - 2p. What is the residual demand curve facing a typical firm?
What will be an ideal response?
In 2011 a country had a real GDP of $13.89 trillion and GDP deflator of 110 . In 2012 it had a nominal GDP of $17.8 trillion and real GDP of 14.24 trillion. What is the rate of inflation in 2012?
Based on the graphic showing the Lorenz Curve, in 2017 income distribution in the United States ______.
a. followed exactly along the line of perfect equality
b. was closer to the line of perfect equality than in 1980
c. was farther from the line of perfect equality than in 1980
d. was the same distance from the line pf perfect equality as in 1980