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M/c question - Micro 29) What is a characteristic of a perfectly competitive market?  A. Goods offered for sale are largely the same  B. There are not many sellers in the market  C. Firms have difficulty entering the market  D. Firms are price setters

M/c question - Micro 29) What is a characteristic of a perfectly competitive market?  A. Goods offered for sale are largely the same  B. There are not many sellers in the market  C. Firms have difficulty entering the market  D. Firms are price setters

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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M/c question - Micro

29) What is a characteristic of a perfectly competitive market?

  •  A. Goods offered for sale are largely the same
  •  B. There are not many sellers in the market
  •  C. Firms have difficulty entering the market
  •  D. Firms are price setters

28) Refer to Table 14-2. At which quantity of output is marginal revenue equal to marginal cost?

  •  A. 8
  •  B. 4
  •  C. 6
  •  D. 2 

 

 

Table 14-2 Quantity Total Revenue Total Cost so $0 $1 1 10 16 2 20 22 3 30 29 4 40 37 5 50 46 60 56 7 70 67 80 79 90 92 Table 14-2
Transcribed Image Text:Table 14-2 Quantity Total Revenue Total Cost so $0 $1 1 10 16 2 20 22 3 30 29 4 40 37 5 50 46 60 56 7 70 67 80 79 90 92 Table 14-2
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