Which of the following is an example of a good produced under perfect competition?

A) Cars
B) Corn
C) Bottled water
D) Patented software

B

Economics

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An increase in subway fares in New York City will boost your expenditures on subway rides if

A) the supply of subway rides is elastic. B) the supply of subway rides is inelastic. C) your demand for subway rides is elastic. D) your demand for subway rides is inelastic.

Economics

The main difference between the price-quantity graph of a perfectly competitive firm and a monopoly is

A) that the competitive firm's demand curve is horizontal, while that of the monopoly is downward sloping. B) that a monopoly always earns an economic profit while a competitive company always earns only normal profit. C) that a monopoly maximizes its profit when marginal revenue is greater than marginal cost. D) that a monopoly does not incur increasing marginal cost.

Economics