Which of the following is a characteristic of a competitive market?
a. There are many buyers but few sellers.
b. Firms sell differentiated products.
c. There are many barriers to entry.
d. Buyers and sellers are price takers.
d
You might also like to view...
A monopsonist is
a. a buyer who faces an upward-sloping supply curve. b. a buyer who faces a downward-sloping supply curve. c. a seller who faces an upward-sloping demand curve. d. a seller who faces a downward-sloping demand curve.
Why do people donate less when it is costlier to give?
What will be an ideal response?
If an increase in the price of good X causes the demand for good Y to decrease, this indicates that
a. X and Y are complements. b. X and Y are substitutes. c. X and Y are unrelated. d. the demand for X is elastic, but the demand for Y is inelastic.
In the long run, monopolistically competitive firms produce where demand equals average total cost
a. True b. False Indicate whether the statement is true or false