Which of the following is not a characteristic of the structure of perfectly competitive markets?
a. Each individual firm is small in size relative to the overall market.
b. Few sellers.
c. Homogeneous product.
d. Easy, low cost entry and exit.
b
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The open economy effect and interest rate effect are two of the reasons why
A) higher price levels increase long-run aggregate supply. B) growth of the labor force does not contribute to economic growth in wealthy countries. C) capital formation does not contribute to economic growth in poor countries. D) the aggregate demand curve slopes downward.
Diminishing marginal utility means that as you consume more of a good, other things constant, the:
a. total satisfaction you obtain from consuming this good falls. b. total amount produced falls. c. marginal product falls. d. additional satisfaction you obtain from each additional unit of the good falls. e. total satisfaction you obtain from each extra good becomes constant.