Because the goods offered for sale in a competitive market are largely the same,
a. there will be few sellers in the market.
b. there will be few buyers in the market.
c. only a few buyers will have market power.
d. sellers will have little reason to charge less than the going market price.
d
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Alejandro Scoobertini owns a store specializing in soccer jerseys. In 2012, he purchased $150,000 worth of jerseys from manufacturers, employed one worker for $40,000, purchased $20,000 worth of supplies from an office supply store, and sold jerseys for
$280,000. Based on this information, what was the value added at Alejandro's store in 2012? A. $70,000. B. $110,000. C. $280,000. D. $490,000.
The Stackelberg model is more appropriate than the Cournot model in situations where
A) there are more than two firms. B) all firms enter the market simultaneously. C) one firm makes its output decision before the other. D) firms will be likely to collude.
If interest rates are lowered
A. people are more likely to save their money in banks. B. people are not affected by interest rates being lowered, only when interest rates are raised. C. entrepreneurs are more likely to expand a business by borrowing money. D. entrepreneurs are less likely to borrow money.
The balance of trade is defined as
A) the difference between the value of the goods and services a country exports and the value of the goods and services a country imports. B) the difference between the balance of the current account and the balance of the capital account. C) the difference between the balance of the current account and the balance of the financial account. D) the difference between the value of the goods a country exports and the value of the goods a country imports.