Which of the following is true of a competitive market?
a. The rules of supply and demand do not apply to it
b. Buyers and sellers have little market power.
c. Each buyer's or seller's effect on market price is substantial.
d. Few sellers offer similar products.
b
Economics
You might also like to view...
If Joe buys a coffee at Starbucks, his money serves as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
Economics
A private closed economy will expand when:
A. actual GDP is less than potential GDP. B. unplanned decreases in inventories occur. C. aggregate expenditures are less than GDP. D. unplanned increases in inventories occur.
Economics