The theory of competitive pricing
a. is an imperfect model of market performance.
b. is a set of ideal conditions and outcomes.
c. is ineffective when large swings in price occur.
d. demonstrates the need for subsidies and price ceilings.
Ans: b. is a set of ideal conditions and outcomes.
Economics
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Monopoly profits lead to technological process by
A) increasing the amount of human capital in the economy. B) firms lobbying Congress for protection of their monopolies. C) carefully investing deadweight loss. D) encouraging the development of innovations by firms attempting to break a monopoly.
Economics