If a firm is a perfect competitor, then
A) the demand curve for its product is perfectly elastic.
B) it can independently set the price of the product it sells without regard to what other firms in the market are doing.
C) it is impossible for the firm to earn short-run economic profits.
D) its marginal cost will exceed marginal revenue at the optimal level of output.
A
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As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services
A) i only B) i and ii C) ii and iii D) i and iii E) i, ii, and iii
Which of the following is the most important source of tax revenue for state governments?
A. Personal income tax B. Property taxes C. Corporate income tax D. Sales and excise taxes