Suppose You Were Asked to Determine Whether a Firm Was

question 68

Multiple Choice

Suppose you were asked to determine whether a firm was a price taker or a competitive price searcher by looking at a graph of the firm's cost and revenue curves. The key is that for the competitive price searcher,

• A) the firm's marginal revenue curve lies above and to the right of the demand curve, not below and to the left.
• B) there are only total costs, not variable costs, on the graph.
• C) the firm's demand curve is downward sloping, not a horizontal line.
• D) all of the above are true.

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Definitions:

Voting Rules

Regulations and procedures that govern how votes are cast, counted, and managed in an election, often varying significantly between different countries and types of elections.

Property Requirement

A historical legal or political stipulation that only individuals who own property or meet certain wealth criteria are eligible to vote or hold public office.

International Slave Trade

refers to the historical trade of enslaved people across international borders, particularly from Africa to the Americas, from the 16th to the 19th century.

Constitution

The basic rules and long-standing customs by which a government or another entity operates.