Multiple Choice
Which of the following is not an assumption of the perfectly competitive model?
A) All consumers know all prices.
B) The consumers of any given good or service are identical.
C) In any given market, the products of all firms are identical.
D) Individuals consume or produce small parts of output.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: In the short- run, a competitive firm
Q5: A competitive firm's short run supply curve
Q6: In short run competitive equilibrium:<br>A)p = q.<br>B)p
Q7: In a constant cost industry:<br>A)price may be
Q8: Suppose that TC = 2Q<sup>3 </sup>- 18Q<sup>2
Q10: The aggregate demand curve is the:<br>A)horizontal sum
Q11: There are 100 identical demanders of product
Q12: Suppose that TC = 2Q<sup>3 </sup>- 18Q<sup>2
Q13: Since a perfectly competitive firm is assumed
Q14: A firm has total cost given by