A competitive market is one:
A) that operates with little or no government control.
B) where almost all exchanges take place involuntarily.
C) that has price controls imposed by a ruling authority.
D) where determination of equilibrium quantity need not rely on the forces of demand and supply.
A
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An increase in the price of inputs will cause the supply curve for a product to shift to the right
Indicate whether the statement is true or false
On the books of the Fed the difference between borrowed reserves and discount loans is equal to
A) excess reserves. B) required reserves. C) currency in circulation. D) zero; they are the same thing.
Innovation is the act of generating an idea for a new product.
Answer the following statement true (T) or false (F)
Average variable cost is equal to
A. average cost plus average fixed cost. B. marginal cost plus average fixed cost. C. marginal cost. D. average total cost minus average fixed cost.