In a free-market economy, the core elements of perfect competition are a high number of sellers and a diverse selection of products
Indicate whether the statement is true or false.
Answer: FALSE
Explanation: In a perfect-competition market, interchangeable products are offered by a high number of small sellers. There is virtually no difference among products offered for sale.
Business
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What is the acid-test ratio for a merchant with the following account balances?
(Round your answer to two decimal places.) Cash $22,000 Short-term investments 41,000 Net current receivables 50,000 Merchandise inventory 93,000 Total current liabilities 275,000 A) 0.75 B) 0.41 C) 0.60 D) 0.81
Business
Brands provide expectations of quality, risk reduction, and prestige
Indicate whether the statement is true or false
Business