If a firm faces consumers who are very sensitive to
If a firm faces consumers who are very sensitive to prices,
(a) the firm will have less market power.
(b) the firm will have higher profits.
(c) average total costs will be decreasing.
(d) None of the above.
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the production function q lakb0 lt a b lt 1 is called a cobb-douglas productionfunction this function is widely used
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if there are no fixed costs of production in the long run the perfectly-competitive firm will producea where av c is
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