Why does a firm in a competitive industry charge the market price?
a. If a firm charges less than the market price, it loses potential revenue.
b. If a firm charges more than the market price, it loses all its customers to other firms.
c. The firm can sell as many units of output as it wants to at the market price.
d. All of the above are correct.
d
Economics
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Refer to Table 4-4. If a minimum wage of $10.00 an hour is mandated, what is the quantity of labor supplied?
A) 390,000 B) 370,000 C) 350,000 D) 40,000
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The Federal Open Market Committee meets about
a. every six days. b. every six weeks. c. every six months. d. every sixteen months.
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