What happens to the price of the product and total revenue for a perfectly competitive firm if it doubles the amount of output it supplies in the market?
What will be an ideal response?
The perfectly competitive firm is so insignificant relative to the market as a whole that it has absolutely no influence over price. Total revenue of the firm will increase because it can sell as many units of output as it wishes in a perfectly competitive market.
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Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Suppose that a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has an absolute advantage in:
A. the production of bananas, but not tomatoes. B. the production of both bananas and tomatoes. C. the production of tomatoes, but not bananas. D. neither good.
A p-value of 0.03 means that there is only a 0.03% chance of obtaining the measured result.
Answer the following statement true (T) or false (F)