In a competitive market, no single producer can influence the market price because
A: many other sellers are offering a product that is essentially identical.
B: consumers have more influence over the market price than producers do.
C: government intervention prevents firms from influencing price.
D: producers agree not to change the price.
A: many other sellers are offering a product that is essentially identical.
B: consumers have more influence over the market price than producers do.
C: government intervention prevents firms from influencing price.
D: producers agree not to change the price.
举一反三
- Producer surplus is equal to: A: the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B: the difference between the market price consumers are willing to pay for a product and the actual price they pay. C: the price a producer receives for a product minus the marginal cost of production. D: the economic profit earned from the sale of a good, minus its marginal cost of production.
- market where no single buyer or seller can influence the price is
- Assume a market is perfectly competitive. When a new producer enters the market, the A: price in the market increases. B: price in the market decreases. C: price in the market does not change. D: market is no longer a competitive market.
- How does a producer adjust the product price? A: If nobody buys a product at a particular price, he adjusts it higher. B: If some consumers buy it, but not enough to buy everything produced, producers must increase the price. C: If some consumers buy it, but not enough to buy everything produced, producers must increase the supply. D: Even if there is constant high demand for a product individual producers need to keep the price down.
- When an oligarch alone chooses the level of production that maximizes profits. It Charges A: The price charged by a monopoly is greater than the price charged by a competitive market B: A price less than that charged by a monopoly and greater than that charged by a competitive market C: The price charged in a monopoly or competitive market D: Less than the price charged in a monopoly or competitive market.