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
Homework Answers
"B"
The demand for a product in the perfectly competitive industry is perfectly elastic that is represented as a horizontal line in the market. i.e. if the price of the goods change the demand falls to zero.
Add Answer to:
3. The demand for the product of a typical perfectly competitive
firm is
Select one:
a....
1. A perfectly inelastic demand curve is (Click to select) A. downward-sloping B horizontal C vertical D...
1. A perfectly inelastic demand curve is (Click to select) A. downward-sloping B horizontal C vertical D upward-sloping . Price elasticity of demand is equal to (Click to select) A. -∞ B 0 C -1 2. A perfectly elastic demand curve is (Click to select) A. downward-sloping B horizontal C vertical D upward-sloping . Price elasticity of demand is equal to (Click to select) A. -∞ B 0 C -1 3. Along a linear demand curve that is neither perfectly inelastic nor perfectly elastic, price elasticity...
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
14. Which of the following is a characteristic of a perfectly competitive firm? A Jordon cannot t...
14. Which of the following is a characteristic of a perfectly competitive firm? A Jordon cannot tell which farm the peaches came from because they all look alike. B Donelli's Pizza was voted the best pizza in town by readers of the local newspaper. C People who want to open a bank in Kansas must obtain a charter from the Comptroller of the Currency, and there is a limit on the number of new banks. D Devin's new business software...
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.
A perfectly elastic demand curve is: Select one: O a. upward sloping b. downward sloping Oc....
A perfectly elastic demand curve is: Select one: O a. upward sloping b. downward sloping Oc. horizontal O d. vertical Answers Jump to
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...
An individual firm in a perfectly competitive market will face demand. Perfectly inelastic Upward sloping Perfectly...
An individual firm in a perfectly competitive market will face demand. Perfectly inelastic Upward sloping Perfectly elastic Cannot be determined from the information Downward sloping Considering jackets and sweaters, to graph an Engel curve of jackets what must be true? The price of sweaters changes The price of jackets changes Income changes Cannot be determined from the information O Utility is held constant
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
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 perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement...
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
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
14. Which of the following is a characteristic of a perfectly competitive firm? A Jordon cannot tell which farm the peaches came from because they all look alike. B Donelli's Pizza was voted the best pizza in town by readers of the local newspaper. C People who want to open a bank in Kansas must obtain a charter from the Comptroller of the Currency, and there is a limit on the number of new banks. D Devin's new business software...
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.
A perfectly elastic demand curve is: Select one: O a. upward sloping b. downward sloping Oc. horizontal O d. vertical Answers Jump to
An individual firm in a perfectly competitive market will face demand. Perfectly inelastic Upward sloping Perfectly elastic Cannot be determined from the information Downward sloping Considering jackets and sweaters, to graph an Engel curve of jackets what must be true? The price of sweaters changes The price of jackets changes Income changes Cannot be determined from the information O Utility is held constant
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 perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
Most questions answered within 3 hours.
-
Which of the following describes a private network?
1. A wide area network (WAN) linking sites...
asked 1 minute from now -
The purpose of this
lab: Wireshark Intro Lab
is to get students
familiar with the use of...
asked 7 minutes ago -
Question 3
A 50 percent deduction is allowed for amounts paid or incurred for
dues and...
asked 5 minutes ago -
Assuming that the wave speed varies little when sound waves are
traveling through a material that...
asked 20 minutes ago -
The rise of online shopping and Amazon, in particular, has
created major dilemmas for large food/CPG...
asked 19 minutes ago -
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 31 minutes ago -
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 27 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 30 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 41 minutes ago -
Why is a personal interview the most important step in the sales
selection process? What are...
asked 51 minutes ago -
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 51 minutes ago -
If we observe in a protein solution that DNA is causing a
mixture 260/280 ratio ~0.9,...
asked 1 hour ago