Which of the following is the closest example of a perfectly competitive market?
A. gasoline stations
B. beer
C. soybeans
D. fast foods
Answer: C
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As more people imported cars from abroad, service facilities became widely available. This increased the value of imported cars to those who owned one. This is an example of a(n) ________
A) pecuniary externality B) network externality C) moral hazard D) adverse selection
A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:
A) highly inelastic. B) very elastic. C) unitary elastic. D) composed of many small buyers.
One reason why economists often use models in their analysis is that
A) a model helps us to understand, explain, and predict economic phenomena in the real world. B) a model accurately pictures every detail of the real world economy. C) a model relates to individual thought processes rather than behavior. D) it is relatively easy to perfectly specify a model.
In the absence of government intervention, the marginal social cost of pollution abatement would equal its marginal social benefit
a. True b. False