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Introductory Business Statistics1st EditionAlexander Holmes, Barbara Illowsky, Susan Dean 2,174 solutions When an individual firm in a competitive market increases its production it is likely that the market price will fall?test 3 micro ecin. When a profitWhen a profit maximizing firm in a competitive market experience rising prices, it will respond with an increase in production. A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.
When a competitive firm doubles the amount it sells what happens to the price of its output and its total revenue?1. When a competitive firm doubles the amount it sells, the price remains the same, so its total revenue doubles.
Why does a firm in a competitive industry charge the market price?Why do they do this? The reason is that perfectly competitive firms lack market power. Because firms produce a commodity product that is identical to that of their competitors, each firm in the market must charge a price no higher than that of its competitors, otherwise it will not sell its product.
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When an individual firm in a competitive market increases its production its likely the market price will fall?
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