Which of the following statements is (are) true of price-taking firms?
i. δ tr/δ q = p = mr...
Which of the following statements is (are) true of price-taking firms?
i. δ tr/δ q = p = mr
ii. price takers must lower their price to sell additional units of output because demand curves slope downward.
iii. if a price taker decides to increase output, the market price will decrease.
iv. examples of price takers include mcdonald's, burger king, wendy's, and sonic drive-in.
Answers: 1
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