A purely competitive firm does not try to sell more of its product by lowering its price below the market price because: Multiple Choice its competitors would not permit it. it can sell all it wants to at the market price. this would be considered unethical price chiseling. its demand curve is inelastic, so total revenue will decline.

A purely competitive firm does not try to sell more of its product by lowering its price below the market price because: Multiple Choice its competitors would not permit it. it can sell all it wants to at the market price. this would be considered unethical price chiseling. its demand curve is inelastic, so total revenue will decline.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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