Perfect competition is a market structure
A) in which any firm would have serious impediments to entry or exit.
B) in which individual buyers and sellers have no effect on the market price.
C) resulting from individual firms selling highly differentiated products.
D) where there is significant regulation and markets are always efficient.
B
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The Toys-R-Danger-Us Toy Company can produce 500 water pistols for a total cost of $1,400 . If the variable cost of producing 500 water pistols is $1,300, then
a. fixed cost must be $100 b. marginal cost must be $1,300 c. marginal cost must be increasing d. average variable cost must be decreasing e. average fixed cost must be constant
Goods produced that go into inventories are
a. not counted in GDP. b. only counted in GDP when they are ultimately sold. c. counted in GDP even though they are not sold. d. counted if they completely depreciate within the calendar year.
One of the common ways to fund a budget deficit is to: a. borrow through the mutual funds market. b. borrow through the equity market
c. borrow through the bond market. d. borrow through credit unions.
Marginal revenue product of labor for a competitive seller is
A) equal to the marginal product of labor multiplied by the output price. B) the marginal revenue of the product multiplied by the output price. C) the change in total product from hiring one more worker. D) the output price multiplied by the quantity sold.