The four important characteristics that define a perfectly competitive market are:
A. standardized good, full information, no transactions costs, participants are price takers.
B. standardized information, finished good, no transactions costs, participants are price makers.
C. standardized good, same information for buyer and seller, low transactions costs, participants are price takers.
D. standardized good, full information, no transactions costs, participants are price makers.
A. standardized good, full information, no transactions costs, participants are price takers.
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The above figure shows the market for 2 bedroom town homes in San Diego. If a rent ceiling is set at $1,000 per month, what is the maximum rent someone is willing to pay in the black market?
A) $1,300 per month B) $1,000 per month C) $900 per month D) $1,100 per month E) $1,400 per month
The dependency burden is
a. a measure of the degree to which the less developed countries are dependent on the rich industrial countries. b. the average number of children that a woman gives birth to during her lifetime. c. the number of babies born per 1000 persons. d. the percent of the population that is below 15 and above 65 years of age.
Microeconomics studies the allocation of
A) decision makers. B) scarce resources. C) models. D) unlimited resources.
Which component of aggregate expenditures is the least sensitive to changes in the real interest rate?
A. Consumption B. Government purchases C. Investment D. Net exports