An example of a perfectly competitive firm is
A) an oat farmer in the United States.
B) the local cable TV company.
C) a U.S. automobile producer.
D) a big city newspaper.
A
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Which of the following pairs is the most likely to exhibit an inverse relationship?
A. The amount of time you study and your grade point average. B. People's annual income and their expenditure on personal computers. C. Baseball players' salaries and their batting averages. D. The price of a concert and the number of tickets people purchase.
In a situation where a market failure occurs,
A. any government intervention will improve on the market outcome. B. there is nothing that the government can do to improve on the market outcome. C. government intervention might improve on the market outcome. D. it will always be preferable to have the government intervene in the market.