In perfect competition, each firm ________
A) can influence the price that it charges
B) produces as much as it can
C) is a price taker
D) faces a perfectly inelastic demand for its product
C
Economics
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In the above figure, the economy is currently at point A. Suppose that the money wage rate and the price level both fall by 10 percent. Firms will be willing to supply output equal to
A) less than $16.0 trillion. B) $16.0 trillion. C) more than $16.0 trillion. D) Without more information, it is impossible to determine which of the above answers is correct.
Economics
If the demand for beans tends to decline as incomes rise, everything else held constant, beans are _____
a. luxury goods b. normal goods c. price sensitive d. not price sensitive e. inferior goods
Economics