What are the characteristics of the perfectly competitive market?
The perfectly competitive market is characterized by a very large number of sellers, firms sell a standardized product, firms are price-takers, there are no barriers to entry and firms do not undertake any non-price competition.
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The operational goals the Fed uses for its monetary policy objectives are
A) the demand for reserves and the supply of reserves. B) the core inflation rate and the output ga
What is game theory and what light does it shed on the duopolists' dilemma?
What will be an ideal response?
The single best indicator of the degree of economic inequality in a country is the
a. top/bottom ratio b. Gini coefficient c. poverty rate d. Kuznets curve e. bell curve
The circular flow model shows the flow of: a. money in the economy
b. financial assets in the economy. c. goods and services in the product market. d. resources and money in the economy. e. resources through the resource markets and their allocation in the product market.