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The demand curve faced by a perfectly competitive firm is vertical.?

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The demand curve faced by a perfectly competitive firm is vertical.?

Postby leland » Mon Oct 31, 2011 10:49 pm

I need help on my homework!

Question 1

The demand curve faced by a perfectly competitive firm is vertical.

True

False

Question 2

In a perfectly competitive market, marginal revenue is the same as the market price.

True

False

Question 3

In short-run equilibrium in a perfectly competitive market, firms always make zero economic profit

True

False

Question 4

In order to maximize profits, a firm should produce the level of output at which total revenue is maximized.

True

False

Question 5

In a constant cost industry, the cost curves of individual firms will shift upward as the industry output expands.

True

False

Question 6

A perfectly competitive firm is a:

a. price maker.

b. price giver.

c. price taker.

d. price leader.

Question 7

A perfectly competitive firm has no influence over price because:

a. consumers establish the prices of products.

b. antitrust laws constrain perfectly competitive firms.

c. its output is insignificant relative to the market as a whole.

d. it is unaware of the demand curve it faces.
leland
 
Posts: 17
Joined: Sat Apr 02, 2011 6:26 am

The demand curve faced by a perfectly competitive firm is vertical.?

Postby benon » Mon Oct 31, 2011 10:50 pm

5 is false.
benon
 
Posts: 17
Joined: Thu Mar 31, 2011 10:01 am

The demand curve faced by a perfectly competitive firm is vertical.?

Postby iomar » Mon Oct 31, 2011 10:56 pm

1) false
2) true
3) false
4) flase
5) I dont now this one
6) c
7) c
iomar
 
Posts: 11
Joined: Fri Apr 01, 2011 8:20 pm


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