The two characteristics of a competitive market are 1) many buyers and sellers in the market and 2) the goods offered by the various sellers are highly differentiated
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if
A) P < MC. B) P < ATC. C) P < AVC. D) P < AFC.
A fixed exchange rate, say, Mexican pesos per dollar, is determined by
a. U.S. consumers that buy Mexican exports b. the U.S. government c. U.S. businesses that export to Mexico d. the foreign exchange market e. the levels at which other exchange rates float
A firm will keep hiring more workers until the MRP of the last worker hired is equal to the ___________.
Fill in the blank(s) with the appropriate word(s).
Two goods are substitutes if an increase in the price of one good leads to a decrease in demand for the other.
Answer the following statement true (T) or false (F)