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One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where -?
perfectly competitive industry become a monopoly， what changes
Can a perfectly competitive firm set a price for its products that is above marginal cost?
A perfectly competitive firm would set its prices at a perfectly competitive price.
What type of curve does the perfectly competitive firm face?
perfectly elastic demand function.
If a perfectly competitive firm's price is above its average total cost the firm?
is earning a profit
How is a monopolist different from a perfectly competitive firm in terms of market structure and pricing behavior?
A monopolist is a single seller in the market, while a perfectly competitive firm is one of many sellers. A monopolist has the power to set prices, while a perfectly competitive firm is a price taker and must accept the market price. This difference in market structure leads to monopolists typically charging higher prices and producing less output compared to perfectly competitive firms.
What is the most important pricing strategy for a perfectly competitive firm?
Minimizing cost
When should a perfectly competitive firm should expand output?
when price>marginal cost
What is the demand curve for output of a perfectly competitive firm?
Demand = Price = Marginal Cost.
Why is a perfectly competitive firm considered a price taker?
A perfectly competitive firm is considered a price taker because it has no control over the price of the goods or services it sells. In a perfectly competitive market, there are many buyers and sellers, and each firm's output is a small fraction of the total market supply, so individual firms must accept the market price set by supply and demand forces.
A perfectly competitive firm will continue producing in the short run as long as it can cover its?
Total Cost
What is the shape and behavior of the supply curve for a perfectly competitive firm in the short run?
The supply curve for a perfectly competitive firm in the short run is typically upward sloping and relatively elastic. This means that as the price of the good or service increases, the firm is willing and able to produce more of it. However, the firm's ability to adjust its output is limited by its fixed inputs in the short run.
