Question 16 (1 point) Listen Which of the following is not consistent with a price taker? O There are very few competitors. There are many firms selling identical products. The firm is in a perfectly competitive industry. Firms have no control over price.Question 17 (1 point) () Listen Marginal revenue represents Othe total profit earned as more quantity is sold. the total revenue earned as more quantity is sold. the additional revenue earned as more quantity is sold. the additional profit earned as more quantity is sold.Question 7 (1 point) Listen The price elasticity of supply equals percentage change in quantity supplied divided by percentage change in price. percentage change in quantity demanded divided by change in price. change in quantity supplied divided by change in price. percentage change in price divided by percentage change in quantity supplied.Question 14 (1 point) Listen The primary determinant of price elasticity of supply is the percentage of consumer's budget the good/service represents. O consumer preferences. time for suppliers to make adjustments. whether consumers consider the good/service a necessity.Question 11 (1 point) Listen When the price of a product is increased 60 percent, the quantity supplied increases 25 percent. The price elasticity of supply coefficient for this product is ___. Round your answer to one decimal place. Your