Assume a market is perfectly competitive. When a new producer enters the market, the
a. price in the market increases.
b. price in the market decreases.
c. price in the market does not change.
d. market is no longer a competitive market.
c
Economics
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The natural rate of unemployment is closely associated with the short-run ups and downs of economic activity
a. True b. False Indicate whether the statement is true or false
Economics
To determine the optimal method of production for a good or service, a perfectly competitive firm needs to know all of the following except
A. the prices charged by its rivals. B. the prices of inputs. C. the technologies of production that are available to the firm. D. the market price of output.
Economics