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28 Sep 2019
____ 36. A firm facing a horizontal demand curve
a.
cannot affect the price it receives for its output.
b.
always produces at an output at which P = MR.
c.
faces perfectly elastic demand for its product.
d.
All of the above are correct.
____ 37. Which of the following decisions cannot be made by a firm in a perfectly competitive market?
a.
Market exit decision
b.
The market price of the product
c.
Quantity of output it can produce
d.
Entering a market
____ 38. In short-run equilibrium, a perfectly competitive firm
a.
may earn a profit or a loss.
b.
always earns a profit.
c.
never earns a profit.
d.
earns a profit only if the firm has no fixed cost.
____ 36. A firm facing a horizontal demand curve
a. |
cannot affect the price it receives for its output. |
b. |
always produces at an output at which P = MR. |
c. |
faces perfectly elastic demand for its product. |
d. |
All of the above are correct. |
____ 37. Which of the following decisions cannot be made by a firm in a perfectly competitive market?
a. |
Market exit decision |
b. |
The market price of the product |
c. |
Quantity of output it can produce |
d. |
Entering a market |
____ 38. In short-run equilibrium, a perfectly competitive firm
a. |
may earn a profit or a loss. |
b. |
always earns a profit. |
c. |
never earns a profit. |
d. |
earns a profit only if the firm has no fixed cost. |
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Mahe AlamLv10
28 Sep 2019
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