Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:
A. the number of firms in the market.
B. the annual sales made by the largest firms in the market.
C. the size of the firms in the market.
D the extent to which any firm can influence the price of the product.
E the presence of government intervention.
D the extent to which any firm can influence the price of the product.
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Which of the following pairs are not considered to be complementary goods?
A. Steel and cars B. Digital cameras and memory cards C. Gasoline and motor oil D. Fertilizer and irrigation systems
Refer to the table. The exchange rate in this market is:
Answer the question on the basis of the following table, which indicates the dollar price of luta, the currency used in the hypothetical economy of Luteland:
A. 8 luta for one dollar.
B. 0.60 luta for one dollar.
C. 6 luta for one dollar.
D. 0.125 luta for one dollar.