A market is competitive if (i) firms have the flexibility to price their own product. (ii) each buyer is small compared to the market. (iii) each seller is small compared to the market
a. (i) and (ii) only
b. (i) and (iii) only
c. (ii) and (iii) only
d. (i), (ii), and (iii)
c
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Some economists argue that the productivity slowdown of the mid-1970s to the mid-1990s was due to changes in oil prices that
A) increased production costs, causing firms to reorganize production to conserve energy, which reduced output per worker. B) decreased production costs, causing firms to reorganize production to conserve energy, which reduced output per worker. C) increased production costs, causing firms to reorganize production to conserve energy, which increased output per worker. D) decreased production costs, causing firms to increase production, which reduced output per worker.
The figure above shows the market for tires. The government has imposed a tax on tires, and the buyers pay ________ of the tax
A) $10 B) $20 C) $50 D) $60 E) $30
In what sense is it meaningful to say that fighting poverty is a public good?
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is ________ and the firm is experiencing ________.
A. horizontal; constant returns to scale B. downward sloping; constant returns to scale C. upward sloping; diseconomies of scale D. downward sloping; economies of scale