Which of the following is an accurate statement about perfectly competitive markets?
a. They have numerous small suppliers.
b. They have a few large suppliers.
c. They have few small suppliers.
d. They have about the same number of small and large suppliers.
a. They have numerous small suppliers.
You might also like to view...
Most t-shirts bought by Americans are made in Asia. Producers in Asia making t-shirts trade with America because they
A) cannot produce enough t-shirts for their own domestic consumption. B) receive a higher price than they would receive from another buyer. C) cannot lower their price any lower and still make a profit. D) must export something to the United States. E) receive a lower price than they would receive from another buyer.
One role of the interest rate is to
A) allocate capital to its most efficient uses. B) redistribute income from the wealthy to the poor. C) reduce the rate of inflation by encouraging government borrowing. D) discourage saving and encourage current consumption.