A competitive market is a market in which
a. an auctioneer helps set prices and arrange sales.
b. there are only a few sellers.
c. the forces of supply and demand do not apply.
d. no individual buyer or seller has any significant impact on the market price.
d
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Figure 5.3 presents a firm's marginal cost, average total cost, and average variable cost curves. The firm minimizes average total costs by producing ________ units.
A. 50 B. 100 C. 150 D. 200
The Lorenz curve:
A. plots graphically the poverty rate over time. B. is located closer to the diagonal today than it was in 1975. C. plots graphically the distribution of income. D. is located farther from the diagonal when income is defined to include the value of noncash transfers.
Purchasing power parity exists when domestic currency
A. buys as many goods abroad as at home. B. buys more goods at home than abroad. C. is not convertible to a foreign currency. D. maintains a fixed exchange rate with a foreign currency.
Improvements in labor productivity
A. contribute to economic growth. B. affect the level of wages, but do not affect the rate of economic growth. C. hinder economic growth, because they cause unemployment. D. affect the level of profit, but do not affect the rate of economic growth.