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When an individual firm in a competitive market increases its production it is likely that the market price will fall True or false?test 3 micro ecin. When an individual firm in a competitive market increases its output it is likely that the market price will fall?When individual firms in competitive markets increase their production it is likely that the market price will fall. A profit maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.
Which of the following statements are true about perfectly competitive firms?Answer and Explanation: The correct answer is b. The firm cannot affect the market price for its good. In a perfectly competitive market, a single firm cannot influence the market price.
When a profit maximising firm in a competitive market experiences rising prices it will respond with an increase in production?When a profit maximizing firm in a competitive market experience rising prices, it will respond with an increase in production. A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.
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