A perfectly competitive firm is currently maximising profit. If the wages of workers decrease, thefirm shouldraise its price.O lower its price.keep its price the same.O increase its output.O decrease its output.O keep output at the current level.

1) in perfect competitive market, there are many number of sellers and buyers which turns the market…

A perfectly competitive firm is currently maximising profit. If the wages of workers decrease, the firm should raise its price. O lower its price. O keep its price the same. O increase its output. O decrease its output. O keep output at the current level.

A perfectly competitive firm is currently maximising profit. If the wages of workers decrease, the firm should raise its price. O lower its price. O keep its price the same. O increase its output. O decrease its output. O keep output at the current level.

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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Question

A perfectly competitive firm is currently maximising profit. If the wages of workers decrease, the
firm should
raise its price.
O lower its price.
keep its price the same.
O increase its output.
O decrease its output.
O keep output at the current level.

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