A requirement of perfect competition is that
i. many firms sell an identical product to many buyers.
ii. there are no restrictions on entry into (or exit from) the market, and established firms have no advantage over new firms.
iii. sellers and buyers are well informed about prices.
A) i only
B) i and ii
C) iii only
D) i and iii
E) i, ii, and iii
E
You might also like to view...
Since 1950, the balance of trade for United States has
A) gone from a surplus to a deficit. B) gone from a deficit to a surplus. C) remained constant. D) gone from a small deficit to a larger deficit.
The quantity which a firm will supply in the short run
a. can be read from its average cost curve. b. can be read from its average variable cost curve. c. can be read from the firm's marginal cost curve above average variable cost. d. is always zero above minimum average variable cost.