Why would a perfectly competitive firm not try to raise or lower its price?
Question:
Why would a perfectly competitive firm not try to raise or lower its price?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (6 reviews)
A perfectly competitive firm is able to sell all it wants at the market equilibrium price T...View the full answer
Answered By
Sandhya Sharma
I hold M.Sc and M.Phil degrees in mathematics from CCS University, India and also have a MS degree in information management from Asian institute of technology, Bangkok, Thailand. I have worked at a international school in Bangkok as a IT teacher. Presently, I am working from home as a online Math/Statistics tutor. I have more than 10 years of online tutoring experience. My students have always excelled in their studies.
4.90+
119+ Reviews
214+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A perfectly competitive firm will set MR = MC in order to maximize profit in the short run. 1. Graphically show a perfectly competitive firms profit maximizing price and quantity. 2. Explain whether...
-
A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firms product is $150. a. Complete the table. b. At what output rate does the firm...
-
Why is the marginal revenue of a perfectly competitive firm equal to the market price?
-
Create a weighted scoring model to determine grades for a course. Final grades are based on three exams worth 20%, 15%, and 25%, respectively; homework is worth 15%; and a group project is worth 25%....
-
Sterling Jones purchases a 5,000-troy ounce contract on silver at $13.00 an ounce. At the same time he purchases an 112,000 pound sugar contract at 0.191 cents a pound. If the price of silver goes...
-
The Organisation for Economic Co-operation and Development (OECD) monitors math, reading, and science performance of high school students in 64 countries using standardized scores. The scores for 10...
-
Conway, Inc., has developed and is selling artificial hips. Its chief engineer has discovered that, upon extensive use, the artificial hip may leach metal into the patients bloodstream. This is not...
-
Computing the issue price of bonds. Compute the issue price of each of the following bonds. a. $1,000,000 face value, zero coupon bonds due in 20 years, priced on the market to yield 10% compounded...
-
The atomic number of element M, N, R, and T are 1, 8, 12 and 14 respectively. The element which can form ions by either losing or gaining electron(s) is M 11. A. B. N C R D. T 12. The atomic number...
-
Which of the following is true? a. Economic profits encourage the entry of new firms, which shift the market supply curve to the right. b. Any positive economic profits signal resources into the...
-
Perfectly competitive markets have ______ sellers, each of which produces a ______ share of industry output. a. Few; substantial. b. Few; small. c. Many; substantial. d. Many; small.
-
The Apply the Concept states that the value of the area representing consumer surplus from Ubers service was $2.88 billion per year for the four cities involved in the study. Use the information from...
-
An investor has decided to model PPB ple shares using the lognormal model. Using historical data, she has estimated the drift and volatility parameters to be 6% and 25% respectively. PPB's current...
-
Find the Integrak of the following function x(x+5) dx
-
Based on the Ted Talk in the Nudge lecture, what is hedonic decline? To promote healthy eating, we can provide a menu with information about calories and fat OR a sensory menu that describes all the...
-
Refer to the following selected financial information from Troy manufacturing. compute the companys working capital current assets 3 0 6 4 5 0 plant assets 3 8 , 0 0 0 current liabilities 1 0 7 8 0 0...
-
Think of times when self-regulation has been a success and times when the federal government has had to intervene. Are there certain areas where self-regulation has been more/less successful? Which...
-
Scotia bank operates in 50 countries and employs Canadians to staff its New Delhi office. What are the advantages of employing Canadians with roots in the host country? Would you use expatriate...
-
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation -...
-
Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). a. Find the most recent values for these three variables: (1) Unemployed (UNEMPLOY), (2) Civilian...
-
Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). a. Find the most recent values for these three variables: (1) Unemployed (UNEMPLOY), (2) Civilian...
-
Economists Carol Shiue and Wolfgang Keller of the University of Colorado published a study of "market efficiency" in the eighteenth century in England, other European countries, and China. If the...
-
The restaurant We Got Veggies, Burgers, and Veggie Burgers wants to advertise its upcoming new menu items. Advertising avenues include television, radio, and newspaper. The number of audience members...
-
Find the general solution to the homogeneous differential equation: a) dy/dx = (x^2 + xy + y^2)/(x^2) b) dy/dx = (x^2 + 3y^2)/(2xy)
-
7 3 What is the least common denominator of and 12'8 55 17 15 The answer is type your answer...
Study smarter with the SolutionInn App