Both individual buyers and sellers in perfect competition
A) can influence the market price by their own individual actions.
B) can influence the market price by joining with a few of their competitors.
C) have to take the market price as a given.
D) have the market price dictated to them by government.
Answer: C
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Explain the relationship between real GDP and potential GDP and between the unemployment rate and the natural unemployment rate as the economy moves through a business cycle
What will be an ideal response?
If a bank has excess reserves of $4,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 10 percent, then the bank has actual reserves of
A) $14,000. B) $19,000. C) $24,000. D) $29,000.
Unanticipated inflation benefits some groups in the economy.
Answer the following statement true (T) or false (F)
According to game theory, a cartel of several firms is an example of a(n)
A. zero-sum game. B. positive-sum game. C. noncooperative game. D. cooperative game.