Which of the following markets best approximates the perfectly competitive market structure?
a. automobile manufacturing
b. insurance
c. world commodity markets
d. airlines
e. manufacture of stereo equipment
C
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Which of the following is not an example of a trade restriction?
A) quotas and voluntary export restraints B) tariffs C) consumer preferences for goods produced domestically D) legislation requiring that cars sold in a country have a 50 percent domestic content
If the foreign import demand curve intersects the home country's export supply curve in its horizontal portion, then:
a. the home country will suffer a loss from international trade. b. the home country will not gain from trade. c. the home country will gain from trade. d. the foreign country will not gain from trade.
If the price of an asset is rising rapidly due to unrealistic expectations about further price growth, then an investor who purchases the asset will ________ a great deal of money.
A. always make B. never make C. always lose D. sometimes make
While output for each firm rises in response to exiting, output for entire market does what?
a. falls b. rises c. does not change