Choose the one alternative that best completes the statement or answers the question. i) Perfect competition is characterized by all of the following EXCEPT A) well-informed buyers and sellers with respect to prices. B) a large number of buyers and sellers. C) no restrictions on entry into or exit from the industry. D) considerable advertising by individual firms. ii) Which of the following is the best example of a perfectly competitive market? A) Gold B) Automobile C) Soft drinks D) Farming iii) Which of the following market types has the fewest number of firms? A) Perfect competition B) Monopoly C) Monopolistic competition D) Oligopoly iv) A price-taking firm A) cannot influence the price of the product it sells. B) talks to rival firms to determine the best price for all of them to charge. C) sets the product's price to whatever level the owner decides upon. D) asks the government to set the price of its product.

Choose the one alternative that best completes the statement or answers the question. i) Perfect competition is characterized by all of the following EXCEPT A) well-informed buyers and sellers with respect to prices. B) a large number of buyers and sellers. C) no restrictions on entry into or exit from the industry. D) considerable advertising by individual firms. ii) Which of the following is the best example of a perfectly competitive market? A) Gold B) Automobile C) Soft drinks D) Farming iii) Which of the following market types has the fewest number of firms? A) Perfect competition B) Monopoly C) Monopolistic competition D) Oligopoly iv) A price-taking firm A) cannot influence the price of the product it sells. B) talks to rival firms to determine the best price for all of them to charge. C) sets the product's price to whatever level the owner decides upon. D) asks the government to set the price of its product.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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