Multiple Choice
If a perfectly competitive firm raised the price of its product,
A) its total revenue would rise but its total cost would rise by more.
B) its profits would increase.
C) the quantity of output it sells decreases to zero.
D) the firm will be forced to advertise more.
E) rival firms will follow suit and raise their prices also.
Correct Answer:
Verified
Correct Answer:
Verified
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