Which of the following best illustrates perfect competition?
A. wheat farming
B. orange growers setting quotas under the Sunkist cooperative
C. General Motors advertising campaign for its cars
D. Coca-Cola and Pepsi battling for market share
Answer: A
Economics
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A mugger steals $25 from John Doe. What can an economist conclude?
A) Nobody gained in the "exchange." B) Both parties gained in the "exchange." C) Only the mugger's wealth has increased. D) Nothing, because economists study strictly voluntary exchanges.
Economics
If the consumption of a good by one person reduces the amount of it that can be consumed by others, the good is
A. excludable. B. nonexcludable. C. rivalrous in consumption. D. nonrivalrous in consumption.
Economics