The assumption that a perfectly competitive industry has many sellers, each selling an identical product, leads to the conclusion that
A) consumers get to see a variety of outputs.
B) there are many buyers.
C) the economic profit will be positive in the long run.
D) firms are price takers.
D
Economics
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Consider a firm that has just built a plant, which cost $1,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below
Number of Worker Hours Output Marginal Product Fixed Cost Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost 0 0 -- -- -- 50 400 100 900 150 1300 200 1600 250 1800 300 1900 350 1950
Economics
A decrease in quantity demanded of a good is caused by
A) a decrease in income. B) a decrease in the price of a substitute. C) an increase in the price of the good. D) a change of tastes.
Economics