Which of the following is necessary for a market to be deemed "perfectly competitive"?
A) All firms are price searchers.
B) All participants enjoy full and complete information.
C) Sellers produce of different quality, durability, and desirability.
D) All of the above are necessary.
E) None of the above are necessary.
B
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Which of the following would cause an increase in the supply of peanut butter?
A) a decrease in the price of grape jelly (assuming that peanut butter and grape jelly are complements) B) an increase in the price of peanut butter C) an increase in the number of firms that produce peanut butter D) an increase the price of a product that producers sell instead of peanut butter
Which of the following is the foundation for success for a company facing competition
a. Create an advantage over the competition b. Protect the advantage created over the competition c. Create and protect advantages over the competition d. None of the above
Here is an excerpt form an editorial praising capitalism in The Economist: "It is competition that delivers choice, holds prices down, encourages invention and service, and (through all these things) delivers economic growth." To what type of competition does the writer refer? Is it the sort of competition that economists study? Explain
After graduation from college you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n):
A) normal good. B) substitute good. C) complementary good. D) inferior good.