We know that a perfectly competitive firm is a price taker because
A) its MC curve slopes upward.
B) its ATC curve is U-shaped.
C) its demand curve is horizontal.
D) MC and ATC are equal at the profit-maximizing amount of output.
E) it has no supply curve.
C
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In the ________ markets all profits and losses must be settled on a daily basis
A) futures B) forward C) spot D) swap
When gold prices become more volatile, the ________ curve for gold shifts to the ________; ________ the price of gold
A) supply; right; increasing B) supply; left; increasing C) demand; right; decreasing D) demand; left; decreasing
If firms in a competitive market are NOT identical, then the long-run market supply curve will be
A) horizontal. B) upward sloping. C) downward sloping. D) undetermined.
Demand for Snickers bars will decrease if:
A. the price of Snickers bars decreases. B. a news story claiming 95% of all geniuses eat at least one Snickers bar a day is released. C. the price of Milky Way bars (a substitute) decreases. D. the price of Milky Way bars (a substitute) increases.