In a case of a perfectly competitive firm a. Firm’s demand = cost b. Demand is...
In a case of a perfectly competitive firm
a. Firm’s demand = cost
b. Demand is perfectly elastic
c. Demand is perfectly inelastic
d. Both c and b
Homework Answers
ANSWER:
The correct answer is option b that is demand is perfectly elastic ( price is market determined in perfectly competitive firm) as there are many buyers and sellers and these firms are price takers and with number of buyers and sellers , demand is perfectly elastic.
Add Answer to:
In a case of a perfectly competitive firm
a. Firm’s demand = cost
b. Demand is...
The demand curve faced by the individual perfectly competitive firm is: a. perfectly elastic. b. perfectly...
The demand curve faced by the individual perfectly competitive firm is: a. perfectly elastic. b. perfectly inelastic. c. unit elastic. d. elastic or inelastic depending on price.
(1)Product differentiation makes the demand for a monopolistically competitive firm’s product A perfectly elastic. B more...
(1)Product differentiation makes the demand for a monopolistically competitive firm’s product A perfectly elastic. B more elastic than in a competitive market. C perfectly inelastic. D less elastic than that of a monopoly. E less elastic than in a competitive market. 2. Successful advertising under monopolistic competition might A help consumers understand why products in the industry are homogeneous. B reduce the price elasticity of demand for that firm’s output. C create a high barrier to entry. D make the...
The demand curve for an individual perfectly competitive firm is: O perfectly inelastic. equal to the...
The demand curve for an individual perfectly competitive firm is: O perfectly inelastic. equal to the firm's average variable cost curve. O perfectly elastic. identical to the market demand curve.
3. The demand for the product of a typical perfectly competitive firm is Select one: a....
3. The demand for the product of a typical perfectly competitive firm is Select one: a. perfectly inelastic, vertical b. perfectly elastic, horizontal c. downward sloping. d. upward sloping
The demand curve faced by a single perfectly competitive firm is: O A. perfectly inelastic. OB....
The demand curve faced by a single perfectly competitive firm is: O A. perfectly inelastic. OB. downward sloping. O C. relatively but not perfectly elastic. OD. perfectly elastic.
An individual firm in a perfectly competitive market will face demand. Upward sloping Perfectly inelastic Perfectly...
An individual firm in a perfectly competitive market will face demand. Upward sloping Perfectly inelastic Perfectly elastic Cannot be determined from the information Downward sloping
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select...
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select ] ["downward sloping", "unit-elastic", "perfectly inelastic", "perfectly elastic"] meaning that the demand curve is also the [ Select ] ["Marginal Cost curve", "average cost", "marginal revenue = Marginal costs", "marginal revenue curve"] 2. With a perfectly competitive firm the supply curve is: a) Marginal Product b) the marginal cost curve above the Average fixed Cost curve c) it has...
A monopoly has A. A perfectly elastic demand curve B. A perfectly elastic supply curve C....
A monopoly has A. A perfectly elastic demand curve B. A perfectly elastic supply curve C. An inelastic demand curve D. less elastic demand curve than a competitive firm
20. Which of the following statements is not a characteristic of a perfectly competitive firm? a....
20. Which of the following statements is not a characteristic of a perfectly competitive firm? a. Perfectly competitive firms view each other as fierce rivals. b. Firms are price-takers. c. All firms produce a homogeneous product. d. Perfectly competitive markets allow freedom of entry and exit. 21. Since the firm’s demand curve is perfectly elastic for a price-taking firm, a. P = MR. b. P = MRP. c. P = TR. d. both a and b. e. both a and...
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic....
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic. b) Perfectly inelastic. c) Downward sloping to the right. d) Upward sloping to the right. 3. A firm in a competitive market will seek to... a) Minimize total costs. b) Maximize total revenue. c) Minimize marginal cost. d) Maximize the difference between total revenue and total cost. e) Maximize the difference between marginal revenue and marginal cost. In the short-run, if a firm's marginal...
The demand curve for an individual perfectly competitive firm is: O perfectly inelastic. equal to the firm's average variable cost curve. O perfectly elastic. identical to the market demand curve.
The demand curve faced by a single perfectly competitive firm is: O A. perfectly inelastic. OB. downward sloping. O C. relatively but not perfectly elastic. OD. perfectly elastic.
An individual firm in a perfectly competitive market will face demand. Upward sloping Perfectly inelastic Perfectly elastic Cannot be determined from the information Downward sloping
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic. b) Perfectly inelastic. c) Downward sloping to the right. d) Upward sloping to the right. 3. A firm in a competitive market will seek to... a) Minimize total costs. b) Maximize total revenue. c) Minimize marginal cost. d) Maximize the difference between total revenue and total cost. e) Maximize the difference between marginal revenue and marginal cost. In the short-run, if a firm's marginal...
Most questions answered within 3 hours.
-
1.In the context of chelation, what does binding strength mean?
What happens at the molecular level...
asked 1 minute ago -
Describe two obstacles that makes fixing atmospheric nitrogen
difficult.
asked 20 minutes ago -
Evelyn incorporates her sole proprietorship, transferring it to
newly formed Papaya Corporation. The assets transferred have...
asked 6 minutes ago -
Assume that in a hydrogen atom, the electron circles the nucleus
in a circle of radius...
asked 15 minutes ago -
A
752 mL sample of water was placed in a 1000 gram pan of aluminum.
The...
asked 8 minutes ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 9 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 11 minutes ago -
T
F 53) Most differences
between human groups are the result of biology rather than
culture....
asked 24 minutes ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 27 minutes ago -
Assignment:
Your
organization has made a strategic decision
to
outsourcework
currently performed in house. You have...
asked 26 minutes ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 27 minutes ago -
In preparing its cash flow statement for the year ended December
31, 2018, Green Co. gathered...
asked 29 minutes ago