In a perfectly competitive market, all consumers:
A) are price takers.
B) set prices to compete in their market.
C) have exactly the same demand schedules.
D) have exactly the same tastes and preferences.
A
You might also like to view...
The short-run aggregate supply curve is positively sloped because
A) real interest rates rather than nominal rates are used. B) no price adjustments take place in the short-run. C) complete price adjustments take place in the short-run. D) some price adjustments take place in the short-run.
Very recently, the debt-to-GDP ratio has been:
a. higher than usual. b. lower than usual. c. stabilized. d. volatile.
Setting time limits on welfare eligibility will increase the incentive to work.
Answer the following statement true (T) or false (F)
Which of the following is an example of limit pricing?
A. In order to buy Microsoft Windows, you must also purchase Internet Explorer. B. Bus rides are cheaper for senior citizens than for other people. C. Prices are set low enough to drive other firms out of a market. D. Prices are set low enough to prevent other firms from entering the market.