The label on the Y axis of the perfect competition graph of a firm is Revenue and Cost
A firm will never increase prices when it's
Perfectly inelastic
Perfectly elastic
The graph of perfect competition of a firm is downward sloping
In perfect competition firms sell
Similar products
Different products
Identical products
When MR=MC it's at the firms maximum profit
Prices of the products the firm sells are established only by the firm
Consumers have all the information of the product being sold and it's price charged by each firm
The industry is considered to have
Freedom of exit and entry of the product
Only two firms that compete with different products
Only two firms that compete with similar products
Controlled exit and entry of the product
Perfect competition= Pure competition
The graph of the industry is the same as the graph of the firm
