If one firm sets the market price
a. the market is perfectly competitive
b. the market is not perfectly competitive
c. there are a large number of buyers who can buy from a wide range of competitors
d. there is free entry into the market
e. its product must be a standardized commodity, produced by many competitors
B
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Oligopoly is a market structure in which
a. there are only two sellers. b. there are relatively few producers. c. no firm can influence price. d. there are many producers.
An example of a good or service that would not count in the U.S. GDP would be:
A. a t-shirt made by Organi-tee in Oregon. B. a t-shirt made by The Gap in Cambodia. C. a bottle of water made by Poland Springs in Maine. D. a TV made by Toshiba in Georgia.
Why are there actually relatively few markets in which there is perfect competition?
(A) Buyers will not pay more for perfect competition. (B) High prices keep companies in the market longer than necessary. (C) Barriers keep companies from entering the market freely. (D) Lack of demand keeps buyers from the market.
Which of the following results in the aggregate demand curve shifting rightward year after year?
What will be an ideal response?