Which of the following statements correctly describes a competitive market?
A) Buyers and sellers negotiate prices before making exchanges.
B) The market price for the same good varies from seller to seller.
C) Sometimes, a single seller has the ability to dictate the market price.
D) The market price is determined by the interaction of demand and supply.
D
You might also like to view...
The central problem all individuals face is
A) greed. B) insufficient money income. C) scarcity of resources. D) the desire for present enjoyment. E) unequal wealth.
The cost data in the above table data show that production is characterized by
A) economies of scale. B) constant returns to scale. C) decreasing returns to scale. D) More information is needed to answer the question.
In economics, what is the difference between the short run and the long run?
What will be an ideal response?
Translating the preferences of each individual into the preferences of the group is _____
a. a challenge faced only by clubs b. a challenge faced by all collective decision making organizations c. inherent in all decision making d. a challenge faced only by government