Which of the following firms is most likely to be in a perfectly competitive ind

Question

Which of the following firms is most likely to be in a perfectly competitive industry? If the price that a firm receives for its product is equal to the average revenue it earns from selling its product, then we can conclude that it sells its product in which of the following types of markets? If the price that a firm receives for its product is equal to the marginal revenue it earns from selling an additional unit of its product, then we can conclude that it sells its product in which of the following types of markets? Many country inns shut-down in the off-season because:

Explanation / Answer

7. c. The soyabean farmer

8. a. Perfect competition

9. a. Perfect competition

10. c. off-season revenue is not high enough to cover the inn's variable cost

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