Homework question

In perfect competition, a firm that maximizes its economic profit will sell its good:
at market price,
above market price,
below market price OR
below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic

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Answer 1 / 1

Submitted 240 days ago...

sshaer

New User (7)

In perfect competition they have no market power. they are price takers. the demand curve is horizontal. the market established price is the only one at which they can sell.

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Homework question

In perfect competition, a firm that maximizes its economic profit will sell its good: at market price, above market price, below market price OR below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic

In perfect competition, a firm that maximizes its economic profit will sell its good:
at market price,
above market price,
below market price OR
below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic