Sellers in competitive price-searcher markets
a. face competition both from existing firms and potential new entrants.
b. face competition from existing firms but not from potential new entrants.
c. face competition only from potential new entrants and only in the long run.
d. can compete only by product quality since product prices are set by market forces.
A
Economics
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If the current price is above the equilibrium price, we would expect:
A) quantity demanded to exceed quantity supplied. B) upward pressure on price. C) quantity supplied to exceed quantity demanded. D) no change in the market price.
Economics
Refer to the diagram. At output level Q total variable cost is:
A. 0BEQ.
B. BCDE.
C. 0CDQ.
D. 0AFQ.
Economics