Competitive price-taker markets are characterized by
a. low entry barriers and a large number of firms selling a homogeneous product.
b. intense rivalry among firms selling differentiated products.
c. quality competition among firms and a wide variety of products.
d. advertising.
A
Economics
You might also like to view...
Like Franklin D. Roosevelt (1933–45), William J. Clinton's (1993–2001) deficit-reducing tax hikes pushed the economy into a recession
Indicate whether the statement is true or false
Economics
The price elasticity of demand for a good measures the willingness of
a. consumers to buy less of the good as price rises. b. consumers to avoid monopolistic markets in favor of competitive markets. c. firms to produce more of a good as price rises. d. firms to respond to the tastes of consumers.
Economics