Firms in perfect competition are price takers because
A) each firm is too small relative to the market to be able to influence price.
B) one firm determines the price that all other firms in the industry will charge.
C) firms accept the price determined by the government.
D) consumers have enough market power to set prices.
A
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The above figure shows a nation's production function. Point C is ________ and ________ because ________
A) attainable; efficient; the nation is using resources efficiently B) unattainable; inefficient; the nation is using resources efficiently but they could be more efficient C) unattainable; efficient; the nation would be using resources efficiently if they could attain this level of production D) unattainable; inefficient; the nation is using resources inefficiently E) attainable; inefficient; the nation is using resources inefficiently
In a competitive market the ________ curve shows the marginal benefit received by consumers and the ________ curve shows the marginal cost to producers
A) demand; market demand B) supply; demand C) supply; market supply D) demand; supply