Perfectly competitive firms are price takers. (A) What would happen if a perfectly competitive firm charged a price above the equilibrium price? (B) Why won’t a perfectly competitive charge a price lower than the equilibrium price?

A perfectly competitive market arises when A) there are few buyers and many sellers. B) each of the many firms produces a slightly different product. C) there are many buyers and few sellers. D) there are many buyers and sellers.

If a firm in a perfectly competitive market maximizes short-run profits by producing some quantity of output, which of the following must be true at that level of output?

Assume the price of a product in a perfectly competitive firm is $20 and currently it is making minimum loses. What is the marginal cost (MC) and marginal revenue (MR) at this production level?

What is the most important decision a perfectly competitive firm must make in order to maximize profit? what quantity to produce what price to charge what quality to produce what quantity of labor is needed

a) Describe the factors that drive profits to zero in perfectly competitive markets in the long run. Explain carefully the incentives that drive the market to a long run equilibrium. b) Why would a firm choose to operate at a loss in the short run? Explain carefully. c) When do firms decide to shut down production in the short run? Explain carefully.

What are the four conditions of a purely competitive market?

If the market price in a competitive industry were above its equilibrium level, what would you expect to happen?

Microeconomics

Assume the firms in a perfectly competitive market are initially incurring economic losses. An increase in supply would cause existing firms' economic losses to decrease.  True OR False?