Which of the following is NOT a characteristic of competitive markets?
A) standardized product
B) purchases and sales of individual traders are small relative to the total volume traded
C) prices adjust quickly
D) there are relatively few sellers
D
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Historically, the largest U.S. federal budget deficits as a percentage of GDP in the 20th century occurred during
A) the Great Depression. B) the Vietnam war. C) World War I and World War II. D) 1970-1997. E) 1998-1999.
Wide acceptance of money without intrinsic value comes largely from the fact that it:
A. has a stable value. B. is convenient to use. C. is hard to counterfeit. D. can be used domestically and internationally.
Which of the following is an example of a price floor?
A. Stock prices hit a floor lastnight B. Safeway charges $1 more than Fred Meyer charges for a 5 pound bag of sugar C. The government guarantees that potato farmers will receive at least $50 a ton D. The lowest price of gasoline this year was $2 per gallon
The difference in land prices between Washington, D.C., and Tulsa, Oklahoma, is an example of a permanent resource price differential
a. True b. False