Given a competitive market equilibrium with normal supply and demand curves: Select one or more: O a. prices are fixed O b. firms are price takers O c. Firms are always price makers O d. A rise in demand will lead to the possibility of an economic rent for some firms

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...
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Given a competitive market equilibrium with normal supply and demand curves:
Select one or more:
a. prices are fixed
b. firms are price takers
С.
Firms are always price makers
d. A rise in demand will lead to the possibility of an economic rent for some firms
Transcribed Image Text:Given a competitive market equilibrium with normal supply and demand curves: Select one or more: a. prices are fixed b. firms are price takers С. Firms are always price makers d. A rise in demand will lead to the possibility of an economic rent for some firms
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