petitive. There are hundreds of realtors, including brokerage companies and independent agents. Also, we know that the state has NO law or regulation about how the commission is charged. In such a competitive market, who sets the realtor commission rate ____? A. The largest realtors in the city decides the commission rate. B. The smallest realtors in the city decides the commission rate. C. The realtors used the commission rate in other states. D. The collective forces of all customers and realtors in the city decide the rate.
petitive. There are hundreds of realtors, including brokerage companies and independent agents. Also, we know that the state has NO law or regulation about how the commission is charged. In such a competitive market, who sets the realtor commission rate ____? A. The largest realtors in the city decides the commission rate. B. The smallest realtors in the city decides the commission rate. C. The realtors used the commission rate in other states. D. The collective forces of all customers and realtors in the city decide the rate.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In Palm Springs, suppose the real estate business is highly competitive. There are hundreds of realtors, including brokerage companies and independent agents. Also, we know that the state has NO law or regulation about how the commission is charged. In such a competitive market, who sets the realtor commission rate ____?
A. The largest realtors in the city decides the commission rate.
B. The smallest realtors in the city decides the commission rate.
C. The realtors used the commission rate in other states.
D. The collective forces of all customers and realtors in the city decide the rate.
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