Gift shops in a small town sell identical mugs to tourists. However, tourists don't have enough time to check out the prices one by one and don't have brochures listing prices of mugs. We can conclude
A) the market for mugs is perfectly competitive.
B) buyers have full information.
C) sellers are price takers.
D) the market is not perfectly competitive.
D
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How do exports affect buyers' consumer surplus?
What will be an ideal response?
Most modern countries have prohibitions on the trading of human organs in the marketplace
What impact do you believe such laws have had on the availability of organs for patients that need them? Furthermore, which people are most likely to be able to obtain the organs that they require and why? Explain the ethical dilemma that is at work that makes the strict application of basic economic principles difficult to put into practice in cases like this.
Refer to Figure 5-4. What is the deadweight loss from producing at the market equilibrium?
A) area D B) area E C) area C D) area F
Deregulation, especially for the transportation and telecommunication industries, was the trend in the United States during the:
a. 1930s. b. 1950s. c. 1970s. d. 1980s.