Which of the following is NOT a characteristic of a perfectly competitive market?
A. a large number of firms in a market
B. selling a standardized product
C. substantial barriers to entry
D. an individual firm having no control over price
Answer: C
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The graph shown demonstrates a tax on buyers. Which of the following can be said about the effect of this tax?
A. The price paid by buyers is greater than that received by sellers, and the difference is the tax wedge.
B. The price paid by buyers is less than that received by sellers, and the difference is the total tax revenue.
C. The price paid by buyers is greater than that received by sellers, and the difference is the total tax revenue.
D. The price paid by buyers and received by sellers is higher than it was before the tax was imposed.
The economy moves from point A, where it produces 100 units of X and 200 units of Y, to point B, where it produces 200 units of X and 150 units of Y. It follows that
A) point A is a productive inefficient point. B) point A may be a productive inefficient point. C) point A may be a productive efficient point. D) point B is a productive efficient point. E) b and c
What is an agreement among members of an oligopoly to set prices and production levels called?
(A) Price leadership. (B) Competition. (C) Imperfect monopoly. (D) Collusion.
If there is a direct relationship between two variables, the graph relating those two variables will be:
A. downward-sloping. B. vertical. C. horizontal. D. upward-sloping.