A wheat farmer and a firm in a perfectly competitive market are similar in that
A) both will earn an economic profit if their total revenue equals their total cost.
B) both face vertical demand curves.
C) both have to lower their prices if a rival firm lowers its price.
D) both face horizontal demand curves.
D
Economics
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What is the price elasticity of demand? In terms of percentage changes, what is its formula?
What will be an ideal response?
Economics
The above figure illustrates that if this country wishes to move from its current production point (labeled "Current") and have 10 more tons of food, it can do this by producing
A) 10 more tons of clothing. B) 10 fewer tons of clothing. C) 5 more tons of clothing. D) 5 fewer tons of clothing.
Economics