Why are there actually relatively few markets in which there is perfect competition?
(A) Buyers will not pay more for perfect competition.
(B) High prices keep companies in the market longer than necessary.
(C) Barriers keep companies from entering the market freely.
(D) Lack of demand keeps buyers from the market.
Ans: (C) Barriers keep companies from entering the market freely.
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Unemployment insurance is usually available to workers in ________ for a shorter period of time than it is in ________
A) the United States; Canada B) Canada; some Western European countries C) Canada and some Western European countries; the United States D) some Western European countries; the United States
The yield to maturity for a perpetuity is a useful approximation for the yield to maturity on long-term coupon bonds. It is called the ________ when approximating the yield for a coupon bond
A) current yield B) discount yield C) future yield D) star yield
People interpret evidence to confirm beliefs they already hold. This statement is an example of which of the following systematic mistakes that people make?
a. people are overconfident b. people give too much weight to a small number of vivid observations c. people are reluctant to change their minds d. All of the above are correct.
People find it difficult to get along without necessities, therefore demand for necessities:
A. Is relatively elastic. B. Is relatively inelastic. C. Is relatively unitary elastic. D. Does not change with changes in price.