In a Perfectly Competitive Market

question 47

Multiple Choice

In a perfectly competitive market

• A)a firm faces a perfectly elastic demand because there is unrestricted entry and exit.
• B)if a firm raises its price,it will lose some,but not all,of its customers.
• C)when a firm sells another unit of output,the addition to total revenue is equal to market price.
• D)all of the above
• E)none of the above

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Definitions:

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring.

Genes And Environment

The interplay between genetic predispositions and environmental factors that influence the development and behavior of organisms.

Different Genes

Relates to the genetic variation among individuals that contributes to their unique characteristics and predispositions.

Different Environments

Various physical or social settings in which individuals live, work, and interact.