All of the following are characteristics of a perfectly competitive market, except one. Which is the exception?
a. a large number of sellers
b. a standardized product
c. no barriers to entry
d. sellers can easily exit the market
e. an intensive rivalry among the sellers
E
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The process involved in bringing oil to world markets can take years. Substitutes for oil-based products such as gasoline are limited. As a result
A) the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time. B) the supply of oil is very elastic and the demand for oil is very elastic over short periods of time. C) the supply of oil and the demand for oil shift to the right over short periods of time. D) the supply of oil and the demand for oil are both perfectly elastic over short periods of time.
The textbook reveals the secret of French cuisine. It is that
a. French food is highly nutritious and its taste creates high total utility b. they provide only small portions of many courses so that the marginal utility of each course is high c. they provide large portions of few courses so that the total utility of the meal is high d. they provide large portions of many courses so that both the marginal and total utility of each course offered in the meal is high e. time matters; the French meal lasts for hours, increasing the total utility of the meal