- Homogeneous product
- Free market entry and exit
- Perfect information and absence of all economic friction
- All of the above
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A ______ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition.?
Answer: Option 3 Let'
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What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security?
Answer: Option 2 Let'
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What market situation exists where there are few sellers and few buyers?
Answer: Option 3 Let'
1 Answers 4 views
A firm under perfect competition will be making minimum losses (in the short run) at a point where?
Answer: Option 3 A firm under perfect competition will be making minimum losses (in the short run) at a point where MC=MR. In order to maximize profits in a perfectly...
1 Answers 1 views
“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the:?
Answer: Option 4 Let'
1 Answers 3 views
Which of the following is one of the assumptions of perfect competition?
Answer: Option 3 Many buyers and many sellers is one of the assumptions of perfect competition. Yes, in a perfectly competitive market, there are many buyers and many sellers. As...
1 Answers 1 views
Which of the following is NOT a characteristic of perfect competition?
Answer: Option 4 An individual firm can influence the price is not a characteristic of perfect competition. All goods in a perfectly competitive market are considered perfect substitutes, and the...
1 Answers 1 views
Which of the following is not a feature of perfect competition?
Answer: Option 2 Small number of buyers and sellers is not a feature of perfect competition. These are the three essential features of perfect competition: The number of buyers and...
1 Answers 1 views
Which form of e‐marketplace brings together buyers and sellers from multiple industries, often for MRO materials?
Answer: Option 1 Horizontal form of e‐marketplace brings together buyers and sellers from multiple industries, often for MRO materials. Horizontal e-commerce outfits focus on the breadth of product offerings, while...
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Which form of e‐marketplace brings together buyers and sellers from the same industry?
Answer: Option 2 Vertical form of e‐marketplace brings together buyers and sellers from the same industry. It is an e-marketplace that offer goods and services directly related to the production...
1 Answers 1 views