1.    In a competitive market individual firms take as given a.     the level of output they produce. b.    the price they receive for their output. c.     both the level of output they produce and the price they receive. d.    neither the level of output they produce nor the price they receive.

Q: Explain how markets conditions in the short run.

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A: Q VC FC TC 0     21,000 10 80,000     20     2,10,000 30     3,10,000

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Q: Describe any four requirements for a perfectly competitive goods market.

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A:

Q: What is under allocation of resources?

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Q: . You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One…

A:

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Q: Evaluate the view that the main goal of firms will always be profit maximization.

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