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Author Question: Which of the following conditions define a perfectly competitive market? a. The transaction costs ... (Read 40 times)

moongchi

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on: Jun 30, 2018
Which of the following conditions define a perfectly competitive market?
 a. The transaction costs are very high.
  b. Information is available to participants at a high cost.
  c. The product is homogenous.
  d. There are limited number of buyers and sellers.

Question 2

When firms leave a perfectly competitive market, then, other things remaining unchanged:
 a. the market supply will decrease but the market price will rise.
  b. both the market supply and the market price will fall.
  c. both the market demand and the price will increase.
  d. the market demand will decrease but the market price will rise.
  e. both the market demand and the market supply will decrease.


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mmpiza

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

a


moongchi

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Reply #2 on: Jun 30, 2018
Correct answers!


mmpiza

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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