A market is perfectly competitive if
A) each firm in it can influence the price of its product.
B) there are many firms in it, each selling a slightly different product.
C) there are many firms in it, each selling an identical product.
D) there are few firms in the market.
C
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Criteria used to predict the benefits of fixed exchange rates can be applied to benefits from an optimum currency union. Generally, benefits are higher whenever the:
A) home country has balanced trade with its union partners. B) home country's economy is dissimilar to that of its union partners. C) home country's economy is similar to that of its union partners and it suffers similar types of economic "shocks." D) home country has large and growing trade imbalances with its union partners.
Payments to the factors of production are
A) rent, wages, interest, and profit or loss. B) rent, mortgage, interest, and bonds. C) rent, interest, bonds, and profit or loss. D) land, labor, capital, and entrepreneurshi