The price charged by a perfectly competitive firm is determined by
a. each individual firm
b. a group of firms acting together as a cartel
c. market demand and market supply
d. the firm's total costs alone
e. the firm's average variable cost
C
Economics
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Diseconomies of scale exist for all of the following reasons except:
a. bureaucratic inefficiencies. b. management problems. c. failures in information flows. d. firm size is too small. e. organizational problems.
Economics
Is the monopolist supply decision more complicated than that of competitive supply?
a. Yes, because the monopolist can choose its price, and the perfect competitor cannot. b. No, because they are both price takers. c. No, because the market determines the quantity for the monopolist. d. No, because the market determines the price for both firms.
Economics