In a perfectly competitive market,
a. there can be few or many buyers and sellers
b. the price is driven upward when suppliers hold back on goods and services
c. each participant is too small to affect the market price
d. government intervention is needed to ensure that prices are fair for consumers
e. resources are allocated by a central authority
C
You might also like to view...
In the short run, ________ increases the quantity of labor demanded by the firm
A) a decrease in the price of the firm's output B) an increase in the prices of other factors of production used by the firm C) a technological advance that decreases the marginal product of labor D) a decrease in the wage rate
According to the text, approximately how many countries are members of the WTO?
A) 100 B) 135 C) 150 D) 180
Which of the following could cause the production function to shift upward?
a. A decrease in the capital stock b. An increase in the capital stock c. An increase in population d. A decrease in population e. An increase in transfer payments
Which of the following would be most likely to have monopoly power?
a. an online bookstore b. a municipal water company c. a local restaurant d. a grocery store