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Refer to the above diagram for a purely competitive producer. The shortest price in ~ which the for sure should develop (as protest to shutting down) is: A. P1.B. P2.C. P3.D. P4.
Curve (3) in the above diagram is a completely competitive firm"s: A. Full cost curve.B. Full revenue curve.C. Marginal revenue curve.D. Full economic benefit curve.
The grandfather = MC preeminence applies: A. To firms in all species of industries.B. Only when the firm is a "price taker."C. Just to monopolies.D. Only to completely competitive firms.
Which of the adhering to industries most closely approximates pure competition? A. AgricultureB. Farm yard implementsC. ClothingD. Steel
"For a completely competitive seller, price equals: " A. Median revenue.B. Marginal revenue.C. Complete revenue divided by output.D. Every one of these.
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"The demand curve in a purely competitive industry is _____, while the demand curve to a solitary firm in that industry is _____. ""A. Perfect inelastic, perfectly elastic""B. Downsloping, perfectly elastic""C. Downsloping, perfectly inelastic""D. Perfect elastic, downsloping"
Refer come the over diagram for a purely competitive producer. The firm"s short-run supply curve is: A. The abcd segment and over on the MC curve.B. The bcd segment and over on the MC curve.C. The cd segment and over on the MC curve.D. Not shown.
Which of the complying with is not a properties of pure competition? A. Price methods by firmsB. A standardization productC. No obstacles to entryD. A larger number of sellers
A purely competitive seller is: A. Both a "price maker" and a "price taker."B. No a "price maker" nor a "price taker."C. A "price taker."D. A "price maker."