Economists define a market to be competitive when the firms
A) spend large amounts of money on advertising to lure customers away from the competition.
B) watch each other's behavior closely.
C) are price takers.
D) All of the above.
C
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When testing joint hypothesis, you can use
A) the F- statistic B) the chi-squared statistic C) either the F-statistic or the chi-square statistic D) none of the above
Cindy discovers that when she goes to the beach, she does not have to bring her radio. She can put her blanket near someone who has a radio and listen all day (without having to carry her radio, get sand in her speakers, or buy new batteries). She's delighted. This is an example of
a. private property abuse b. an externality cost to the person who has the radio c. a negative externality enjoyed by Cindy d. a positive externality enjoyed by Cindy e. a public good
Which statement is true?
A. Income is more evenly distributed along curve X than curve Y. B. Income is more evenly distributed along curve Y than curve X. C. Income is equally distributed along curves X and Y. D. It is impossible to determine income distribution by observing these curves.
Marginal revenue for a monopolist is computed as
a. average revenue divided by quantity sold. b. average revenue times quantity divided by price. c. total revenue divided by quantity sold. d. change in total revenue per one unit increase in quantity sold.