Which of the following is an example of a perfectly competitive market?
A. Apples
B. Frozen yogurt shops
C. Fast-food
D. Cable company
Answer: A
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Harry and his wife are looking for a new house. However, they cannot decide where to buy the house. Harry wants to live in Santa Cruz, while his wife wants to live in Ontario
If Harry values living in Santa Cruz at $10,000 and his wife values living in Ontario at $15,000, in which place are they likely to buy a house?
Insurance companies do NOT offer fair insurance because
A) they are run by greedy capitalists. B) they could not stay in business. C) they cannot diversify their risks. D) they are risk-avoiding.
Which economic concept is the closest to the saying "There's no free lunch"?
a. Specialization b. Unlimited wants c. Underutilization of resources d. Opportunity costs e. Overutilization of resources
If the marginal cost of reducing pollution is positive, then:
A. the optimal amount of pollution is zero. B. the marginal benefit of reducing pollution is zero. C. the optimal amount of pollution is greater than zero. D. pollution should be reduced as much as technically feasible.