ECON 201 WVU FINAL EXAM | 65 QUESTIONS WITH 100% CORRECT ANSWERS | VERIFIED | 33 PAGES

ECON 201 WVU FINAL EXAM | 65 QUESTIONS WITH 100% CORRECT ANSWERS | VERIFIED | 33 PAGES
Question : In a competitive market, no single producer can
influence the market price because
a. many other sellers are offering a product that is essentially
identical.
b. consumers have more influence over the market price than
producers do.
c. government intervention prevents firms from influencing
price.
d. producers agree not to change the price.
Correct answer: a. many other sellers are offering a product
that is essentially identical.
Question : 3. The short-run supply curve for a firm in a
perfectly competitive market is
a. likely to be horizontal.
b. likely to slope downward.
c. determined by forces external to the firm.

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