Which of the following is characteristic of a perfectly competitive market?
a. There is free entry into and exit from the market.
b. Individual firms can exert a perceptible influence on the market price.
c. Firms in the market produce a differentiated product.
d. All of the above are true.
Question 2
If the production of 2,000 cars and 500 tons of corn during a year is economically efficient for a country which produces only these two products, which of the following conclusions can be drawn?
a. It satisfies domestic demand completely.
b. The production of cars can not be increased without reducing the production of corn.
c. The reallocation of resources to change the production level must reduce production of both goods.
d. It is possible to increase the production of both if resources can be reallocated.
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