In which of the four market structures do sellers act as price takers?

If a state requires all drivers to purchase auto insurance, insurance companies still face the problem of

A) sunk costs. B) excess demand for their insurance. C) correctly pricing their insurance. D) adverse selection.

An asset is said to be illiquid when:

a. it lacks purchasing power. b. it cannot act as a store of value. c. it is an illegal tender. d. it cannot be readily exchanged for goods. e. it cannot be used to settle debts.