In a certain market there are many buyers and many sellers. It is easy to distinguish the product sold by one firm from the products sold by other firms. Is the market competitive?
The market is not competitive because the goods offered by the various sellers are not largely the same.
You might also like to view...
Why are private enterprises more efficient than government enterprises?
What will be an ideal response?
A monopolist determines the profit-maximizing output
A) at the point at which TR = TC. B) at the point at which MR = MC. C) at any point it wants because it is the only producer of the product. D) at the point at which TR is maximum.
Markets can fail when there is
A) a clear definition of property rights. B) common property. C) an absence of externalities. D) competition.
Bank examinations by the FDIC help reduce the ________ problem, by preventing bank managers from allocating funds already obtained from depositors to non-creditworthy loans.
A. moral hazard B. adverse selection C. contrary selection D. principled hazard