ECON 201 Final: All Notes for the Final Exam
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31 Jan 2015
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If a firm happened to be the only seller of a particular product, it might behave as a price taker as long as
Hint: Think about the shape of the long-run supply curve in a perfectly competitive market.
A. |
there is free entry and exit. |
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B. |
buyers have full information about the firm's price. |
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C. |
the transaction costs of doing business with this firm are low. |
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D. |
there are many buyers. |