An example of a perfectly competitive market would be the market for
a. electricity.
b. soybeans.
c. coffee shops.
d. restaurants.
b
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The resource market is different from the product market because
a. in the resource market, firms don't maximize profit b. in the resource market, households don't maximize utility c. in the resource market, firms are demanders and households are suppliers d. supply and demand do not apply in the resource market e. supply and demand do not apply in the product market
Which of the following is an explicit cost?
a. The wages a firm pays to its workers b. The opportunity cost of an owner/entrepreneur's time invested in the firm c. The opportunity cost of the money the business owner/entrepreneur has invested in the firm d. The price of the business owner's/entrepreneur's land used for constructing a factory and a warehouse.