One Implication of the Shape of the Demand Curve Facing

question 107

Multiple Choice

One implication of the shape of the demand curve facing a perfectly competitive firm is that:

• A)if the firm increases its price above the market price, it will earn higher revenue.
• B)if the firm decreases its price below the market price, it will earn higher revenue.
• C)if the firm increases its price above the market price, it will earn zero revenue.
• D)the market would be unable to reach a new equilibrium if demand changed.

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Definitions:

Bureaucracy

An organizational structure characterized by standardized procedures, hierarchical division of responsibilities, and adherence to fixed rules, often found in governments and large organizations.

Impersonal Organization

Describes entities structured to operate without personal considerations, relying on standardized procedures and roles to achieve objectives.

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Traditional

Adhering to or advocating for the preservation of established customs, ideas, or systems, usually in opposition to modern innovations or changes.