Which of the following is most likely to be sold in a perfectly competitive market?
A. Wheat
B. Law School Admission Test (LSAT) tutoring
C. Automobiles
D. Fast food
Answer: A
You might also like to view...
Firms price discriminate because, by doing so, they obtain a higher profit than by charging a single price
a. True b. False
Trade restrictions can prevent purchasing power parity from holding because:
A. the time and energy of importation paperwork can add to the cost of the good sold. B. tariffs can add to the cost of the good sold. C. they can add costs to the selling price because they add to the seller's cost. D. All of these statements are true.
A price floor will be binding only if it is set
a. equal to the equilibrium price. b. above the equilibrium price. c. below the equilibrium price. d. either above or below the equilibrium price.
The Cournot Model of Oligopoly assumes that
A) firms decide what quantity to produce. B) firms make their decisions simultaneously. C) firms do not cooperate. D) All of the above.