If one firm sets the market price
a. the market is perfectly competitive
b. the market is not perfectly competitive
c. there are a large number of buyers who can buy from a wide range of competitors
d. there is free entry into the market
e. its product must be a standardized commodity, produced by many competitors
B
Economics
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An example of a market subject to adverse selection would be:
A. the used car market. B. the insurance market. C. the financial market. D. All of these statements are true.
Economics
Price, marginal revenue, marginal cost and average total cost will all be ________ for a perfectly competitive firm in long-run equilibrium.
Fill in the blank(s) with the appropriate word(s).
Economics