Under Perfect Competition the Person That Ends Up with the ________

question 197

Multiple Choice

Under perfect competition the person that ends up with the ________ unit is the person that values it exactly at its price.

• A) first
• B) last
• C) marginal
• D) only

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Definitions:

Elastic

Describes a situation where the demand for a good or service significantly changes in response to changes in price.

Elasticities

Measures of how much the quantity demanded or supplied of a good responds to changes in price, income, or other factors.

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.