Competition exists among sellers only if they
A) all set price equal to marginal cost.
B) are price takers.
C) are so numerous that no one of them can affect the price by restricting output.
D) receive no special privileges from government.
E) struggle to satisfy potential buyers.
E
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Other things remaining same, a right shift in the demand curve will lead to:
A) a decrease in the equilibrium price and the equilibrium quantity. B) a decrease in the equilibrium price and an increase in the equilibrium quantity. C) an increase in the equilibrium price and the equilibrium quantity. D) an increase in the equilibrium price and a decrease in the equilibrium quantity.
The idea that a person wants to have a bigger house in order to outdo his or her neighbors is referred to as:
A. the incentive compatibility problem. B. luxury fever. C. enlightened self-interest. D. irrational.
In the short run a firm's lowest cost level of output is the minimum point on its ________ cost curve.
A. average fixed B. marginal C. total variable D. average total
An investment demand curve shows the varying amounts of investment that would be undertaken at various levels of
A. personal saving. B. the real interest rate. C. the average price in the economy. D. consumer spending.