When a firm has little ability to influence market prices it is said to be in
a. a thin market.
b. a power market.
c. a competitive market.
d. a strategic market.
Answer: c. a competitive market.
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The decline in starting new businesses
A) is concentrated primarily in public service industries. B) is concentrated primarily in high-tech industries. C) is concentrated primarily in health care industries. D) is not concentrated in one industry.
In the United States, monetary policy is determined by
A) the Federal Reserve. B) the president. C) private citizens. D) the Treasury Department.
The questions that an economic system attempts to solve include
A) what to produce. B) how to produce items. C) for whom items are produced. D) all of the above.
Price elasticity of demand is the responsiveness of
A) the quantity demanded to a change in price. B) demand to a change in supply. C) demand to a change in income. D) demand for a good to a change in the demand for another good.