The price a perfectly competitive firm receives for its output
A) is determined by the interaction of all sellers and all buyers in the firm's market.
B) is determined by the interaction of the firm and all of the consumers who buy from the firm.
C) will be lowered by the firm in order to sell more output.
D) will not change in response to changes in market demand and supply because the firm is a price taker.
A
Economics
You might also like to view...
The above figure shows three different Engel curves. Rank them in terms of income elasticity
What will be an ideal response?
Economics
Which of the following is an example of a positive externality?
a. Smoking a cigarette b. Driving a less fuel efficient vehicle c. Setting up a chemicals factory in a residential area d. Overuse of chemical fertilizers e. Beekeepers keeping bees for honey
Economics