Which of the following statements does not describe a perfectly competitive market?

A) A large number of firms are involved.
B) Entry and exit are relatively easy.
C) In the short run firms can earn profits, minimize losses, or earn a normal profit.
D) Price is greater than marginal revenue.


Answer: D) Price is greater than marginal revenue.

Economics

You might also like to view...

A bilateral negotiation is a bargaining mechanism in which:

A) a third party or an authority intervenes and decides the prices of the products traded in a market. B) a single seller and a single buyer confront one another with bids and asks. C) multiple buyers bargain with a single seller to determine the trading price. D) multiple sellers bargain with a single buyer to determine the trading price.

Economics

Refer to Table 2-18. Which of the following statements is true?

A) Mickey has a comparative advantage in making both products. B) Minnie has a comparative advantage in making both products. C) Minnie has a comparative advantage in making hats and Mickey in making umbrellas. D) Mickey has a comparative advantage in making hats and Minnie in making umbrellas.

Economics

_____________ is a financial arrangement whereby people pay premiums tp a(an) ____________ company that reimburses them in the event of loss or injury

a. Stock b. Mutual Fund c. Insurance d. Investiture

Economics

Other things remaining unchanged, a decline in imports is associated with an increase in gross domestic product

a. True b. False Indicate whether the statement is true or false

Economics