quiz3practicefall09 pdf.pdf - quiz3practicefall09 Student 1 Refer to the graph above A perfectly competitive firm would never operate if the price drops

quiz3practicefall09 pdf.pdf - quiz3practicefall09 Student 1...

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quiz3practicefall09 Student: ________________________________________________________________________ 1. Refer to the graph above. A perfectly competitive firm would neveroperate if the price drops to which segment of the marginal cost curve? A. AC B. CD C. DE D. CE 2. An assumption of a competitive market is that both the buyers and sellers are price takers. When we go to the mall to shop for clothing or to the grocery to buy food, what do we usually observe?
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