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If a firm in a perfectly competitive industry lowers its price below the market price, its

jonnyjon

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If a firm in a perfectly competitive industry lowers its price below the market price, its

Question 1.

The closest example of a perfectly competitive industry is

▸ casual dining restaurants.

▸ cigarettes.

▸ convenience stores.

▸ alfalfa.

Question 2.

If a firm in a perfectly competitive industry lowers its price below the market price, its

▸ total revenue will increase.

▸ profit will decrease.

▸ sales will drop to zero.

▸ demand curve will become downward sloping.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 80 times

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kiyomika

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5 years ago

More solutions for this book are available here

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jonnyjon Author

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5 years ago

Thank you

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