Which of the following is NOT a characteristic of perfect competition?
A) There are large numbers of buyers and sellers.
B) The firms in an industry produce goods that are different from each other.
C) Any firm can easily enter or leave the industry.
D) Both buyers and sellers have equally good information.
Answer: B
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The vertical distance between a firm's total cost (TC) and its total variable cost (TVC) curves
A) decreases as output decreases. B) is equal to the average variable cost, AVC. C) is equal to the total fixed cost, TFC. D) is equal to the marginal cost, MC.
An increase in the quantity of money supplied shifts the money supply curve to the ________ and the LM curve to the ________, everything else held constant
A) right; left B) right; right C) left; left D) left; right
According to the figure shown, if Joe puts forth high effort, then Sarah should:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. put forth high effort.
B. put forth low effort.
C. leave school.
D. give an ultimatum.
A form of economic organization that relies primarily on private ownership of productive assets, freedom of exchange, and market prices to allocate goods and resources is often called
What will be an ideal response?