In perfect competition, ________.
A: there are restrictions on entry into the market
B: firms in the market have advantages over firms that plan to enter the market
C: only firms know their competitors' prices
D: there are many firms that sell identical products
A: there are restrictions on entry into the market
B: firms in the market have advantages over firms that plan to enter the market
C: only firms know their competitors' prices
D: there are many firms that sell identical products
举一反三
- In a perfectly competitive market, many firms sell an identical product.
- Which of the following characteristics is common to monopolistic competition and perfect competition? A: Firms produce identical products. B: Entry barriers into the industry are low. C: Each firm faces a downward-sloping demand curve. D: Firms take market prices as given.
- Which of the following correctly describes an oligopoly? A: A single firm has all of the market power. B: Several firms have market power and there is free entry and exit. C: Several firms have market power and there are barriers to entry. D: Several firms take the price as given and there is free entry and exit.
- What is the defining characteristic of imperfect competition?() A: The<br/>firms are subject to government regulation. B: The<br/>firms have some degree of market power. C: The<br/>firms choose to collude. D: The<br/>firms act like a cartel.
- Which of the following statements is most accurate regarding the characteristics of a perfectly competitive market A: Firms" products are different. B: The competitors never earn economic profits. C: Barriers to entry into the market are nonexistent.