Perfect competition is defined as market structure in which:
a. it is very easy for firms to enter or exit the market.
b. the product is homogeneous.
c. All of the answers are correct.
d. there are many small sellers.
c
You might also like to view...
Suppose you are working four nights per week at your courses and your grade point average is 3.5. You want a higher grade and decide to study an extra night each week. Your GPA now rises to 3.8
What is your marginal benefit from studying for one additional night a week?
Real GDP per capita increases if the population grows at a rate faster than real GDP
a. True b. False Indicate whether the statement is true or false
An increase in domestic income is likely to cause a(n): a. increase in the exports and the net exports of the domestic country
b. increase in the imports of the domestic country and a decrease in its net exports. c. decrease in the exports and the net exports of the domestic country. d. decrease in the imports of the domestic country and an increase in its net exports.
In the early 19th century, the Russian government sent doctors to southern Russian villages to provide assistance during a cholera epidemic. The villagers noticed that wherever doctors appeared, people died. Therefore, many doctors were chased away from villages, and some were even killed. This reaction to the correlation between doctors and deaths is most likely a problem of
a. omitted variables. b. reverse causality. c. government propaganda. d. medical incompetence.