An individual firm in perfect competition can exercise a significant control over the market price of the good

If a firm is successful in its efforts to reduce the price elasticity of demand for its product, all else constant, the optimal markup that can be used in setting price will increase

Indicate whether the statement is true or false

In the above figure, the opportunity cost of moving from point D to point C is

A) 20 guitars. B) 50 ukuleles. C) 55 guitars. D) 25 ukuleles.