Individual firm in purely competitive industry

In a purely competitive industry, the individual firm: (i) can raise the quantity demanded by lowering the price of its product. (ii) experiences substantial economies of scale. (iii) faces a completely inelastic demand curve. (iv) cannot influence the market price. (v) None of the above.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

View Complete Question

Related Questions in Microeconomics

Q : Meaning of tax Meaning of tax : Tax is

Meaning of tax: Tax is a legally compulsory payment imposed on the people by the government. There are two kinds of taxes: Direct taxes and Indirect taxes.

Q : Labor Contracts-Featherbedding problem

Can someone please help me in finding out the accurate answer from the following question. The restrictive work rules which need firms to employ more workers than required are termed as: (1) Feather-bedding. (2) Seniority contracts. (3) Blacklisting regulations. (4) A

Q : Average revenue and marginal revenue

In spite of of the amount sold, price equals for a price-taker firm on both average: (i) revenue and marginal revenue. (ii) variable cost and marginal cost. (iii) fixed cost and average variable cost. (iv) total cost and marginal revenue.

Q : Production costs-Consumer Sovereignty I

I have a problem in economics on Production costs-Consumer Sovereignty. Please help me in the following question. In the market economy, output patterns mainly reflect: (i) Individual votes by each and every consumer. (ii) The requirements of majority

Q : Labor union and an unregulated public

I have a problem in economics on Labor union and an unregulated public utility. Please help me in the following question. While comparing an influential labor union and an unregulated public utility firm like cable TV, both might: (1) Be considered as the monopolists.

Q : Investment and the Demand for Loanable

When the present value of the expected future income by additional investment exceeds the current cost of additional investment, in that case investment will: (w) rise. (x) fall. (y) not change. (z) There is insuffici

Q : Profit Maximization-Labor Markets

When after hiring the very last worker, the organization’s profit is similar as it was prior to the last worker was hired, the firm must: (1) Hire more workers to raise the profit. (2) Layoff several workers to raise gain. (3) Not hire any more workers. (4) Shut

Discover Q & A

Leading Solution Library

Avail More Than 1434269 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1957792
Asked

3,689

Active Tutors

1434269

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment