Price in a perfectly competitive market:
A) is affected by government policies.
B) is determined by the dominant competitor.
C) is affected by the combined decision of all sellers.
D) is determined by buyers alone.
C
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The value of the best thing that a person must give up when making a decision is known as the ________ cost
A) opportunity B) sunk C) benefit D) explicit E) direct
The quantitative difference between areas Q1bcQ2 and p1p2ba in the diagram measures
A. marginal cost. B. total revenue. C. marginal revenue. D. average revenue
The term "balance of payments" refers to a nation's:
A. goods exports minus imports. B. record of all international transactions. C. capital inflows minus outflows. D. official reserves inflows minus outflows.
A bond issuer agrees to pay a stated nominal amount each year. An increase in the nominal interest rate will cause
A) the price of the bond to fall. B) the price of the bond to rise. C) the nominal value of the bond's coupon to rise. D) the nominal value of the bond's coupon to fall.