Question: A perfect competitor is a _ _ _ _ _ _ _ _ _ _ and can earn economic profits _ _ _ _ _

A perfect competitor is a __________ and can earn economic profits ____________.
a.
price maker, in both the short run and long run
b.
price taker, in only the short run
c.
price taker, in both the short run and long run
d.
price maker, in only the long run
e.
price maker, never

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

McCormick Beef Processing is a small Beef processing and Butcher shop facility located in a small Nebraska town. In addition to Beef processing, the Company has a traditional Retail Butcher Shop....

Q:

A. How does pure competition differ from other basic market models? The other basic market models are pure monopoly, oligopoly, and monopolistic competition. These market models differ from each...

Q:

Question one. 15. In a perfectly competitive market, consumer surplus typically is A) undefined. B) positive. C) zero. D) negative. 16. Which of the following statements is TRUE? A) A monopolist...

Q:

To answer these questions, you will need to read Chapter 9, Market Equilibrium & Product Price - Imperfect Competition and please good Good format. #. Explain the 3 types of "Imperfect" market...

Q:

Hello, kindly help me with these questions. _____ 1. Which of the following statements characteristics perfect competition? a. Producers are price makers. b. Producers sell differentiated products....

Q:

EBC 101 / ECO 1: Introductory Economics Module Test Ill Name: DLC: Score: Multiple Choice. 1 . Which of the following statements characteristics perfect competition? a. Producers are price makers. b....

Q:

1.Productive efficiency for an individual firm requires that a.all resources be fully used. b.MC = P for all goods. c.the firm be on its LRAC curve. d.the firm be allocatively efficient. e.P = ATC...

Q:

Here's a breakdown of the consequences of raising prices for different market structures, along with explanations for price pressure when P > ATC and P

Q:

Part A 1.Which of the following is a characteristic of an oligopoly? a.Firms has no price-setting power. b.Firms are interdependent with each other. c.There are a large number of firms. d.There is no...

Q:

33) a monopolist engages in price discrimination? A) by charging a higher price to consumer's whose demand is more inelastic B) by charging the same price to all consumers C) by charging a lower...

Q:

Question 1 (Multiple Choice Worth 1 points) (01.01 MC) Why might salt be a resource with a high cost in one market and a very low cost in another market? Trade could affect costs. Its supply could be...

Q:

Write a program that initializes a variable with the value 75 to represent the temperature in Fahrenheit. Then convert that value into Celsius by using the formula f = 32 + 1.8 c where f is...

Q:

Write a Matlab or R function to compute the value of a convertible bond. Please use two different models to price convertible bonds. Explain the difference and sources of optionality of the two...

Q:

Consider a company, ABC Corp, that wishes to borrow $ 3 0 million in 3 months & wishes to hedge against the risk of rising interest rates. It enters into a 3 x 6 FRA with its bank, which gives it the...

Q:

If you are creating a guest profile you may enter a secondary name title language and salutation using this link

Q:

4-55. The policies announced in the directive were implemented by the staff.

Q:

4-57. The employees were represented by Janet Hogan.

Q:

4-52. Please be advised that your account with National Bank has been compromised and we advise you to close it as soon as possible.