Which of the following is NOT a characteristic of a perfectly competitive market?
A. Sellers can easily buy and sell the productive resources needed to enter the market.
B. Buyers and sellers are well-informed.
C. Each firm in the market sells a somewhat different variant of the good.
D. There are many sellers, each of which sells only a small fraction of the total quantity exchanged.
Answer: C
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In 2012, the top one-fifth of U.S. households earned ________ of the nations total income
A) about 22% B) just under 35% C) just over half D) almost 90%
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
If 2010 is the base year in the table shown above, what is the price index for the year 2010?
A. 100.0 B. 141.7 C. 147.1 D. 121.3
Related to the Economics in Practice on page 374: Considerable evidence suggests that recently in the United States, executive compensation has ________ and the real wage of the average worker has ________.
A. remained stagnant; decreased B. increased; decreased C. decreased; increased D. increased; remained stagnant