For a Perfectly Competitive Firm, the Price of Its Good

question 46

Multiple Choice

For a perfectly competitive firm, the price of its good is equal to the firm's marginal revenue because

• A) there are only a small number of firms in the market.
• B) individual perfectly competitive firms cannot influence the market price by changing their output.
• C) the firm's total revenue cannot be changed by anything the firms do.
• D) information about price changes is hard to come by for small sellers.
• E) price and marginal revenue are the same economic concepts.

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Definitions:

Anatomy

The scientific study of the structure of living organisms, including their systems, organs, and tissues.

Physiology

The study of how the human body and its parts function.

Keratinized

Having become a structure that contains keratin, a protein found in skin, hair, nails, and horns.

Columnar

Shaped like a column.