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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.
Is marginal revenue equal to price in a perfectly competitive market?
In a perfectly competitive market, marginal revenue is equal to price.
Is the price equal to marginal revenue in a perfectly competitive market?
In a perfectly competitive market, the price is equal to the marginal revenue.
Does marginal revenue equal price in a perfectly competitive market?
Yes, in a perfectly competitive market, marginal revenue equals price.
Does a perfectly competitive market demonstrate the need for subsidies and price ceilings?
no
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.
Is marginal revenue equal to price in a perfectly competitive market?
In a perfectly competitive market, marginal revenue is equal to price.
Is the price equal to marginal revenue in a perfectly competitive market?
In a perfectly competitive market, the price is equal to the marginal revenue.
Does marginal revenue equal price in a perfectly competitive market?
Yes, in a perfectly competitive market, marginal revenue equals price.
Does a perfectly competitive market demonstrate the need for subsidies and price ceilings?
no
Is it true that in a perfectly competitive market, the marginal revenue is equal to the price of the good for each unit sold?
Yes, in a perfectly competitive market, the marginal revenue is equal to the price of the good for each unit sold.
What will happen if an individual perfectly competitive firm charges a price above the industry equilibrium price?
If an individual in a perfectly competitive firm charges a price above the industry equilibrium price this is bad. This company will go out of business quickly because their customers will go find the lower price.
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.
In a perfectly competitive market individual consumers have .?
no influence over determining price
In a perfectly competitive market, individual consumers have _____.?
no influence over determining price
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.
