In a perfectly competitive market, there are
A) many buyers and many sellers.
B) many buyers, but there might be only one or two sellers.
C) many sellers, but there might be only one or two buyers.
D) one firm that sets the price for the others to follow.
A
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The main sources of economies of scale are
A) increasing marginal cost and decreasing marginal product. B) specialization of resources such as labor and capital. C) caused by the difficulty of coordinating and controlling large enterprises. D) decreasing marginal cost and increasing marginal product. E) an increase in a firm's bargaining power to lower the wage rate and the cost of capital as the firm's output increases.
The primary mission of the World Bank today is to
A) provide capital to underdeveloped countries. B) provide capital to firms around the world. C) provide financial assistance for the reconstruction of war-damaged nations. D) help countries manage their exchange rates.