The assumptions of perfect competition imply that:
A) individuals in the market determine the market price.
B) firms in the market accept the market price as given.
C) there will be no new competition due to natural monopolies.
D) the price will be decreasing yearly.
Correct Answer:
Verified
Q9: One characteristic of a perfectly competitive market
Q10: When a firm cannot affect the market
Q11: The perfectly competitive model does NOT assume:
A)a
Q12: An assumption of the model of perfect
Q13: Price takers are individuals in a market
Q15: If a Florida strawberry wholesaler operates in
Q16: For the Colorado beef industry to be
Q17: In the model of perfect competition:
A)the consumer
Q18: If all firms in an industry are
Q19: Perfect competition is characterized by:
A)rivalry in advertising.
B)fierce
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