Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing
B) Freedom of entry
C) Price taking behavior
D) Large numbers of buyers and sellers
E) All of the above.
Question 2
Which of the following is most likely to occur if a price-takers' market displaces a price-searchers' market?
A) Costs will be higher.
B) Efficiency will be less.
C) Net revenue will be larger.
D) Output will be larger.
E) Prices will be higher.
