Clothing retailers have faced greater competition in recent years as more firms have entered the clothing market. Some of the competition has come from foreign competitors, but much of it is domestic competition
As a result there is much competition in markets for many types of clothing and A) individual buyers and sellers cannot affect the market price because it is determined by the market forces of demand and supply.
B) there are no other implications.
C) firms have a great degree of flexibility in pricing their products because these products can be sold at a high profit level.
D) there are relatively few buyers and sellers in the market, and one individual firm can determine the market price.
A
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The firm has a U-shaped:
The table shows the relationship between total cost and output for a firm.
A. Total cost curve
B. Marginal cost curve
C. Average fixed cost curve
D. Total variable cost curve
The reason that the supply curve for labor in a purely competitive market slopes upward is because:
A. The wage rate paid to workers falls as more are hired B. The marginal product of labor falls as output increases C. Marginal resource cost rises as productivity increases D. Higher wages must be paid to bid workers away from other opportunities