A firm in a perfectly competitive industry is a
A. quantity taker.
B. price taker.
C. profit maker.
D. price maker.
Answer: B
Economics
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State two characteristics of the long-run equilibrium under perfect competition
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An increase in the price of blue pens will increase both the equilibrium price and quantity in the market for black pens
a. True b. False Indicate whether the statement is true or false
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If the reserve ratio decreases from 20 percent to 10 percent, then the potential money multiplier
A. decreases from 10 to 5. B. decreases from 20 to 10. C. increases from 5 to 10. D. does not change.
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