Perfect competition does not assume that
a. buyers are well informed about products and prices.
b. free entry into and exit from the market exists.
c. no individual buyer or seller can influence a price.
d. all firms operate at the same cost.
d. all firms operate at the same cost.
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The dates of turning points are determined by a committee from the
A) FBI. B) BLS. C) BEA. D) NBER.
Two common economic problems that may arise from asymmetric information are:
A. moral consequence and adverse selection. B. moral hazard and adverse selection. C. moral hazard and adverse decisions. D. moral consequence and adverse decisions.
The deadweight loss from a tax is the reduction in producer and consumer surplus minus the tax revenue transferred to the government
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. The APC plus APS may be greater than 1, but never less than 1. B. The APC plus APS may be less than 1, but never greater than 1. C. The APC plus APS may be greater than 1 or less than one. D. APC and APS added together must equal to 1.