A perfectly competitive market is characterized by
A) high barriers to entry.
B) firms that are price setters.
C) firms facing a downward sloping demand curve.
D) no restrictions on entry into the market.
D
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The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $30?
A) Zero B) -$100 C) -$30 D) -$55
Which diagram below illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy?
In the diagrams below, the subscript "1" refers to the initial position of the curve, while the subscript "2" refers to the final position after the curve shifts.
A. A
B. B
C. C
D. D
The definition of income in the U.S. tax code follows the Haig-Simons definition of income precisely
a. True b. False
Briefly explain the different focus of valuing stocks taken by behavioralists, chartists, and fundamentalists.
What will be an ideal response?