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:

Hormones

Chemical messengers produced by glands in the body that regulate the activity of cells or organs.

Insect's Life Cycle

The developmental stages an insect goes through from egg to adult, usually including egg, larva, pupa, and adult stages.

Insect Birth Control

Methods or substances used to control the reproduction and population growth of insects, often to reduce the spread of diseases or protect crops.

Biological Controls

The use of living organisms, such as predators, parasites, or pathogens, to suppress pest populations and manage ecosystems.