For a Perfectly Competitive Firm,the Price of Its Good Is

question 216

Multiple Choice

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

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

---

Definitions:

Temporal Lobe

A region of the brain responsible for processing auditory information and encoding memory.

Sensory Registers

A short-term storage system for sensory information, where such information is held briefly before it's either discarded or processed further.

Capacity

The ability or potential an individual or entity has to perform, produce, or hold something.

Sensory Registers

Memory systems that hold sensory information for a very short period of time, allowing it to be processed further.