Question

For a small firm in an extremely competitive industry, marginal revenue is always equal to price

because:

Select one:

a. each firm has large economies of scale.

b. if consumers increase their demand for the product, producer surplus falls.

c. the firm has no ability to influence the market price.

d. each firm has large fixed costs.

The supply curve for oil slopes upward because additional quantities of oil can only be produced at higher cost.

Select one:

True

False

Economics