Which of the following is/are not a characteristic of a perfectly competitive market?
A. a small number of firms in a market
B. selling a standardized product
C. no barriers to entry
D. an individual firm having no control over price
Answer: A
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Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the total fixed cost is
a. Aq2 + bq + cq +d/q b. Aq2 + bq + c c. Aq3 + bq2 + cq d. d
Implicit costs will be zero in the long run
Indicate whether the statement is true or false
If Wisconsin cheddar cheese sells for $3.00 per pound in the United States and for 27.90 pesos in Mexico, what is the exchange rate between the dollar and the peso (assuming PPP holds)?
A. $1 = 2.79 pesos B. $1 = 7.90 pesos C. $1 = 9.30 pesos D. $1 = 27.90 pesos
When the price of a perfectly competitive firm's output rises:
A. the firm will produce more. B. the firm's marginal cost curve will shift to the left. C. the firm's marginal cost curve will shift to the right. D. the firm will produce less.