Which of the following is NOT a characteristic of perfectly competitive markets?
A) The government restricts the number of producers through licensing requirements.
B) All market participants are price-takers.
C) It is easy to find a trading partner.
D) All products are identical.
A
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Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. What is the cost to Firm A of eliminating 2 tons of pollution?
A. $100 B. $200 C. $700 D. $425 E. $1,500
Alex and Ben are both loggers wanting to harvest timber from the same forest. Alex prefers to harvest and replant at a sustainable rate; Ben wants to harvest as many trees as possible to maximize short-run profit, and then move on. They face the same
production costs. Refer to the information given. If property rights are poorly enforced or nonexistent: A. Ben will choose to harvest as quickly as possible, but Alex will choose to harvest more slowly and replant. B. both will harvest trees as quickly as possible, before the other one does. C. both now have an incentive to harvest and replant in a sustainable manner. D. we would expect them to form an agreement on harvesting and replanting.
Persuasive advertising is mostly used for
A) an inferior good. B) a search good. C) an experience good. D) a persuasive good.
Which of the following statements is TRUE?
A. A growing economy should see a decline in both absolute and relative poverty. B. A growing economy should see a decline in relative poverty but not in absolute poverty. C. A growing economy should see a decline in absolute poverty but not in relative poverty. D. A growing economy is usually unrelated to changes in either absolute or relative poverty.