Sellers in a perfectly competitive market:
A) are price takers.
B) sell differentiated goods and services.
C) are not allowed to exit the market.
D) are small in number.
Question 2
The world price of steel is 100 a ton. Before international trade, the price of steel in India is 60 a ton. If India begins trading internationally, the price of steel in India ________ and steel mills in India ________ the quantity they produce.
A) rises; increase
B) falls; increase
C) does not change; increase
D) rises; decrease
E) falls; decease
Non-competitive inhibition
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