Which of the following decisions cannot be taken by a firm in a perfectly competitive market?
a. Market exit decision
b. Market price of the product
c. Quantity of output it can produce
d. Entering a market
b
Economics
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The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish B) 1/2 of a pound of fish C) 1 pound of fish D) 200 pounds of fish E) 2 pounds of fish
Economics
What is likely to happen to the allocation of resources if there is a sudden increase in the demand for a good produced by a perfectly competitive industry?
What will be an ideal response?
Economics