An assumption of the model of perfect competition is:
A) identical goods.
B) difficult entry and exit.
C) few buyers and sellers.
D) cooperation and interdependence between sellers.
Correct Answer:
Verified
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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
Q20: In a perfectly competitive industry,each firm:
A)is a
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Q23: For a perfectly competitive firm,marginal revenue:
A)is less
Q24: A firm's total output times the price
Q25: Perfectly competitive firms will:
A)maximize total revenue by
Q26: The demand curve faced by a single
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