If a perfectly competitive firm is a price taker, then _____
a. pressure from competing firms will force it to accept the prevailing market price
b. it will be a relatively large player compared to its competitors in the overall market
c. it will increase or decrease its output to vary the total quantity supplied in the market
d. quality differences will be very perceptible and will play a major role in consumers' decisions
a
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Which of the following statements is true?
A) Economic growth is the direct cause of declining poverty. B) Growth in unemployment is the direct cause of declining poverty. C) There are some countries where growth and poverty have both increased. D) Economic growth is the direct cause of declining inequality.
Marginal costs are the costs relevant to a decision because they
A) are the costs that will be affected by the decision. B) the cost of producing one more unit of output. C) total cost divided by units of output. D) total cost minus sunk costs.