Which of the following is incorrect? Imperfectly competitive producers
A)face downsloping demand curves.
B)do not compete with one another.
C)can alter their output by changing price.
D)find that, when they reduce price, their total revenue increases by less than the new price.

Question

Quizplus · Accepted Answer

Imperfectly competitive producers do compete with one another, but not in the same way as perfect competitors. They have some degree of market power, allowing them to influence prices to some extent, unlike in perfect competition where producers are price takers.

Which of the Following Is Incorrect? Imperfectly Competitive Producers