Which of the following is not one of the assumptions of a perfectly competitive market?
A) Better information for producers than consumers.
B) Homogeneous product.
C) Free entry and exit.
D) Large number of buyers and sellers.
Answer: A) Better information for producers than consumers.
Economics
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Who or what is responsible for bringing together scarce resources to produce most of the goods and services in the U.S.?
A) the U.S. government B) the United Nations C) the Federal Reserve Bank D) markets and prices
Economics
Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, B to C, and C to A, which of the following concepts are violated?
a. Transitivity b. Arrow's impossibility theorem c. Median voter theorem d. None of the above concepts are violated.
Economics