What are the conditions that characterize the sellers' side in a perfectly competitive market?
What will be an ideal response?
Three conditions characterize the sellers' side in a perfectly competitive market. These are:
a) A large number of sellers participate in the market and no single seller has a large market share.
b) All sellers in the market produce identical goods.
c) There is free entry and exit of sellers in the market.
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The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
Signaling is important because: a. it increases social benefits associated with public goods
b. it decreases external costs associated with externalities. c. it reduces information costs associated with asymmetric information. d. all of the above