In imperfectly competitive markets
A. some competition may exist but only on price and not in other ways.
B. some competition may exist in the markets.
C. some competition may exist but only in other ways and not on price.
D. there is no competition in the markets.
Answer: B
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If Sam wants to increase her total revenue from her sales of flowers and she knows that the demand for flowers is price elastic, she should
A) lower her price to increase the demand and shift the demand curve rightward. B) raise her price because she knows that the quantity demanded will also increase. C) raise her price because she knows that the percentage decrease in the quantity demanded will be smaller than the percentage increase in price. D) lower her price because she knows that the percentage increase in the quantity demanded will be greater than the percentage decrease in price.
In order to assure allocative efficiency:
a. people's marginal rate of substitution must equal the economy's rate of product transformation. b. people's marginal rate of substitution must equal the firm's rate of technical substitution among inputs. c. a firm's rate of technical substitution must equal the economy's rate of product transformation. d. all of the above.
Which of the following would be a topic considered in the field of macroeconomics?
a. Studying the amazing recent growth of the Chinese economy. b. Studying the movement of US manufacturing firms to China. c. Studying the differences in wages between menand women in the United States. d. Studying the effect of rent controls on the housing market in New York City. e. Studying the impact of environmental regulations on the well-being of human populations.
A firm in a perfectly competitive market can maximize its profits by producing:
A. the level of output where marginal cost equals marginal revenue. B. any level below where marginal cost equals marginal revenue. C. any level beyond where marginal cost equals marginal revenue. D. slightly below its maximal capacity.