Which of the following is necessary for the presence of competition in a market?
a. Government regulations that assure firms will make excess profits.
b. Suppliers that offer a homogeneous product.
c. A price that always equals per-unit production costs.
d. Low barriers to entry into the market.
D
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A currency revaluation is a(n):
A. increase in the value of a currency relative to other currencies. B. increase in the official value of a currency in a fixed-exchange-rate system. C. decrease in the value of a currency relative to other currencies. D. reduction in the official value of a currency in a fixed-exchange-rate system.
Refer to the production possibilities frontier in the figure above. Production point ________ represents an ________ production point
A) b; unattainable B) c; unattainable C) e; inefficient D) c; inefficient
A carbon tax could reduce greenhouse emissions by:
A. raising the price of gasoline and reducing driving. B. raising the price of electricity, reducing the quantity of electricity demanded, and reducing the fossil fuels burned. C. cause electricity producers to switch to lower carbon fuels. D. All of these
If a good is a normal good, an increase in income will
A) decrease the quantity demanded of the good. B) increase the demand for the good. C) cause the demand curve for the good to shift to the left. D) cause a movement down along the demand curve.