A firm in perfect competition is a price taker because
A) there are no good substitutes for its good.
B) many other firms produce identical products.
C) it is very large.
D) its demand curves are downward sloping.
E) its demand curve is vertical at the profit-maximizing quantity.
B
Economics
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Marginal social cost is equal to the
A) sum of marginal private cost and marginal external cost. B) sum of marginal private cost and marginal private benefit. C) marginal cost incurred by the producer of the good. D) marginal cost imposed on others.
Economics
The term "present value" refers to the future value of present day money.
A. True B. False C. Uncertain
Economics