To Sell an Extra Unit of Output, a Perfectly Competitive

question 73

Multiple Choice

To sell an extra unit of output, a perfectly competitive firm ________, and an imperfectly competitive firm ________.

• A)need not alter its price; must lower its price
• B)must hope the market price falls; must lower its price
• C)need not alter its price; need not alter its price
• D)must lower its price; must lower its price

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Definitions:

RTO Timer

An abbreviation for "Retentive Timer On," a type of timer in PLC programming that retains its value even after the control power is lost.

Accumulated Value

The total sum or aggregation of individual values over a period of time or through a series of operations.

Time Delay

A deliberate pause or latency introduced into a process or electronic circuit, to ensure timings and sequences are properly coordinated.

De-energized

The state of an electrical device or system when it is not supplied with power or electricity, often as a safe condition for maintenance or setup.