You are watching: In the short run, which of the following statements is correct?
In a perfect competitive market:A) the sellers produce identical goods.B) there are limitations on the entrance of new firms.C) every seller fees a various price because that its product.D) bargaining over prices is a typical phenomenon.
In a compete market, there are a ________ variety of buyers and a ________ variety of sellers.A) large; smallB) small; largeC) small; smallD) large; large
In a perfectly competitive market, since an separation, personal, instance seller has tendency to sell only a fraction of the full amountof the good produced:A) he deserve to independently recognize the sector price.B) he can charge prices over the equilibrium price.C) his individual selections do not influence market outcomes.D) he constantly earns positive profit.
Sellers in a perfect competitive market:A) room price takers.B) sell differentiated goods and services.C) space not enabled to exit the market.D) are small in number.
A for sure is said to be a price taker if it:A) can impact the sector price of goods by changing its supply.B) selling as lot of any an excellent as it desires at the prevailing industry price.C) consults the government before fixing the price that its goods and also services.D) is not complimentary to go into a brand-new market or leave from an present market.
Price in a perfect competitive market:A) is affected by government policies.B) is figured out through auctions.C) is influenced by the merged decision of all sellers.D) is established by buyers alone.
Which of the adhering to examples best describes the concept of totally free entry?A) Jack has an old cell phone that he wants to sell. He opens an account ~ above eBay and also auctions the off.B) Purecircuit Corp. Wants to expand its production, so that doubles its annual recruitment.C) To boost its sector share, mechanism Corp. Decides to charge a price lower than the sector price.D) The government enters the market to correct any kind of shortage or surplus in the sector for gasoline.
A) Jack has actually an old cabinet phone the he desires to sell. He opens an account on eBay and also auctions it off.
Three problems characterize the sellersʹ next in a perfectly competitive market. This are:a) A big number that sellers participate in the market and no solitary seller has actually a huge market share.b) every sellers in the market create identical goods.c) over there is totally free entry and also exit of sellers in the market.
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The score of a seller is generally to:A) maximize sales.B) maximize profits.C) minimization costs.D) minimize customer surplus.