Firms in perfect competition have no control over
a. all of the following
b. where to operate on their average total cost curves
c. what price to charge
d. how many inputs to use
e. how much to produce
C
You might also like to view...
If consumer preference for a product increases, this will cause the equilibrium price of the product to go down, and the equilibrium quantity of the product to go u
Indicate whether the statement is true or false
"The duopolists' dilemma occurs when firms in a duopoly coordinate their decisions to achieve the best possible outcome." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
The most likely impact of an unanticipated increase in the money supply is a(n): a. increase in the real interest rate, which in turn stimulates investment and GDP
b. decrease in the real interest rate, which in turn stimulates investment and GDP. c. decrease in real output, which causes the real interest rate to decline and in turn stimulate investment and GDP. d. increase in real output, which causes the real interest rate to decline.
Protectionism achieves which of the following goals?
A. Protection of comparative advantage. B. Greater consumption possibilities through greater specialization. C. Protection of infant industries. D. Protection of absolute advantage.