If a Firm Is a Perfect Competitor, Then

question 92

Multiple Choice

If a firm is a perfect competitor, then

• A) the demand curve for its product is perfectly elastic.
• B) it can independently set the price of the product it sells without regard to what other firms in the market are doing.
• C) it is impossible for the firm to earn short-run economic profits.
• D) its marginal cost will exceed marginal revenue at the optimal level of output.

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Definitions:

Spatial Information

Spatial information pertains to the position, area, and size of objects in space, and is crucial for navigation, understanding geometry, and organizing objects.

Spatial Cognition

The ability to process information about the locations and attributes of objects in space.

Representing Space

The process or method by which spatial relationships and environments are described or depicted, as in maps, models, or visual arts.

Navigating

The act of planning and directing the course of a journey, using various tools and skills to reach a desired destination.