Unformatted text preview: EStndtm:_ histmrtor: kolﬂloom alkcfahi Assignnem: HW Cult-1 immune-'09 Course: Eco 2301-05
3 “me: 11:38 AM Book: Hobbmtl—‘O'Brieu: Microeconomics 5 2e 5. The price ot‘a seller's product in perfect competition is determined by - V5: market demand and market supply.
7 5.3 the individual demander.
t; a few of the sellers. t? the individual seller. 6. The demand for each seller's product in perfect competition is horizontal at the market price
all the sellers get together and set the price.
all the dcmanders get together and set the price.
V each seller is too small to affect market price. the price is set by the government. ® If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the
ﬁﬁh unit is
8. Which of the following is not true for a ﬁrm in perfect competition? V Average revenue is greater than marginal revenue.
Profit equals total revenue minus total cost.
Marginal revenue equals the change in total revenue from selling one more unit. Price equals average revenue. Page 2 —————————— -----.--_._—_;, ...
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- Fall '08
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