Which of the following is NOT a characteristic of a perfectly competitive market?
A. Sellers can easily buy and sell the productive resources needed to enter the market.
B. Buyers and sellers are well-informed.
C. Each firm in the market sells a somewhat different variant of the good.
D. There are many sellers, each of which sells only a small fraction of the total quantity exchanged.
Answer: C
Economics
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Which of the following always causes a deviation from perfect competition?
a. a government subsidy b. a large number of sellers c. a standardized product d. a large number of buyers
Economics
A decrease in short-run aggregate supply ________ the equilibrium price level and ________ the equilibrium quantity of real GDP
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Economics