Product markets are defined as ______.
a. places where households can buy necessities using government rebates
b. markets where products are bought by firms and sold by households
c. markets where products are bought by households and sold by firms
d. places where households can sell their labor and services
c. markets where products are bought by households and sold by firms
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Suppose N consumers each have an identical demand curve for a good is given by Q = a - bp, where Q is the quantity demanded, p is the price, and a and b are positive constants
What is the market demand curve? Is the slope (in price) of the market demand greater or less than the slope of each individual demand curve?
The extent to which a firm is viewed by consumers as being a monopoly depends primarily on
a. how the government defines a monopoly b. whether they believe there are close substitutes for the good it produces c. the level of profits earned by the firm d. the difference between price and marginal cost of the good it produces e. the size of the firm