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28-10-2019
Business

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Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges $21. Which of the following will happen?The firm's profits will increase.The firm's revenue will increase.The firm will not sell any output.The firm will sell more output than its competitors.

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ujgerman ujgerman

30-10-2019

Answer:

The firm will not sell any output.

Explanation:

The characteristics of perfect competition are:

Large Number of Buyers and Sellers.

Homogeneity of the Product.

Free Entry and Exit of Firms.

Perfect Knowledge of the Market.

Perfect Mobility of the Factors of Production and Goods.

Absence of Price Control.

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