Answer all questions please as soon as possible please please! Question 11 Not y

Question

Answer all questions please as soon as possible please please! Question 11 Not yet answered Points out of P Fag question Which of the following best describes a competitive industry? Select one: a. Its firms sell similar products and have direct control over their prices; there are many buyers and sellers and each is relatively small compared with the overall market. O b. Its firms have little control over the price of their product; the demand curve for each firm's product is downward sloping there are many firms. c. Its firms sell similar products and have little control over their prices, there are many buyers and sellers and each is relatively small compared with the overall market. d. Its firms sell differentiated products and there are few potential sellers. They have little control over the price of their product, there are many relatively small buyers. Question 12 Not yet answered Points out of 1 P Rag question For a small firm in an extremely competitive industry, marginal revenue is always equal to price because: Select one: O a. the firm has no ability to influence the market price. O b. each firm has large economies of scale O c. if consumers increase their demand for the product, producer surplus falls O d. each firm has large fixed costs. Question 13Not yet answered Points out of 1 P Flag question Price equals marginal revenue for a competitive firm because: Select one: a, total revenue is constant. O b. the production of marginal units affects the value of other units. O c. marginal cost is constant. O d. the price does not change when the firm changes output.

Explanation / Answer

Q11. Answer is c. The firm sells similar products and have little control over prices; there are many seller and buyers and eaxh is relatively small compared with the overall market. Q12. Answer is a. The firm has no ability to influence the market price. Q13. Answer is d. The pprice does not change when the firm output changes Q14. Answer c. The firm will exit the industry. Q15. Answer is a. Opportunity cost Q16. Answer is d. Marginal Q17. Answer is c. The rectangle between 0 and profit maximizing quantity and between price and AC.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.