Which of the following is the best example of a perfectly competitive firm? a co

Question

Which of the following is the best example of a perfectly competitive firm? a com farmer in Illinois a Taco Bell restaurant the Ford Motor Company the United Parcel Service (UPS) Jason, a high-school student, mows lawns for families in hit neighborhood. The going rate is $12 for each lawn-mowing service. Jason would like to charge $20 because he belies he hat more experience mowing lawns than the many ocher teenagers who alto offer the same sets ice. If the market for lawn mowing service is perfectly competitive, what would happen if Jason raised his price? He would lose tome but not all his customers. Initially, his customers might complain hot over time they will come to accept the new rate. If Jason raises his price, he would lose all has customers. If Jason raises his price, then all others supplying the same service will also raise their prices. Marginal revenue is total revenue divided by the total quantity of output. the change in profit divided by the change in the quantity of output. the change in total revenue divided by the change in total cost. the change in total revenue divided by the change in the quantity of output. If Ewan is consuming his utility maximizing bundle and the price of one good falls, what happens to the marginal utility per dollar spent on this good (MU/P), and what should Ewan do? MU/P has increased, and Ewan should buy more of this good. MU/P has increased, and Ewan should buy less of this good. MU/P has decreased, and Ewan should buy more of this good. MU/P has decreased, and F.wan should buy less of this good. If Canada imports fishing poles from Mexico and Mexico imports bacon from Canada, which of the following would explain this pattern of trade? Mexico has a lower opportunity cost of producing bacon than Mexico, and Mexico has a comparative advantage in producing fishing poles.

Explanation / Answer

31.

a corn farmer in Illinois

as the corn is identical

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