Perfect competition is characterized by a(n)
a. large number of buyers and sellers, each one a price taker
b. single seller and many buyers
c. small number of sellers offering differentiated products
d. intense rivalry among several competitors
e. small number of buyers and sellers who negotiate the market price
A
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When a prisoners' dilemma game is repeated a finite number of times (T)
A) cooperation unravels during the first round of the game, resulting in the static game Nash equilibrium. B) cooperation continues until the T-2 round, where the players will switch to a non-cooperative Nash equilibrium. C) firms cooperate and achieve the collusive Nash equilibrium for all rounds. D) None of the above.
According to economists, an individual who tries to derive utility from the consumption of a good without paying for it is called:
a. a utility maximizer. b. a free rider. c. an opportunist. d. a profit maximizer.