Perfect competition describes a firm's behavior in a market model where:
a. there are few firms producing identical products.
b. there are few firms producing highly differentiated products.
c. there are many firms producing identical products.
d. there are many firms producing highly differentiated products.
e. there are barriers to entry and exit for the new firms.
c
Economics
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Economic institutions like the Federal Reserve System of 1914 created by legislation are designed to:
(a) Only achieve economic goals (b) Garner votes (c) Satisfy the well organized interests of special groups (d) All of the above
Economics
In general, autonomous spending increases have a lower multiplier effect on real GDP when the economy is open to international trade
a. True b. False Indicate whether the statement is true or false
Economics