The large-number-of-sellers condition of perfect competition is met whenÂ
A. there are more sellers than buyers in the market.
B. there are more than 50 firms in the industry.
C. there are more than 100 firms in the industry.
D. each firm is so small relative to the total market that no single firm can influence the market price.
Answer: D
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Suppose corn farmers encounter a "bumper" corn crop, which results in a significant increase in the market supply curve for corn. Increases in supply will tend to
A) decrease the price of corn. B) increase the demand for corn. C) increase the price of corn. D) decrease the demand for corn.
Describe in brief the structure of a franchise contract
Total product begins to decline when diminishing marginal returns are first experienced
a. True b. False
A firm issues bonds to
A. earn a return. B. lend money. C. influence monetary policy. D. borrow money.