All of the following assumptions apply to perfect competition except:
A) immobile resources.
B) perfect information.
C) product homogeneity.
D) large numbers.
Correct Answer:
Verified
Q13: Since a perfectly competitive firm is assumed
Q14: Producer Surplus is:
A)the difference between value and
Q15: The aggregate gains from trade in a
Q16: The assumption of large numbers in economics:
A)allows
Q17: . Suppose the market demand for fish
Q19: In most markets, prices are determined when
Q20: In the long run equilibrium:
A)price is equal
Q21: A price taking firm that has TC
Q22: Andrew's demand for fish is: QA=12- 3P.
Q23: Market supply is:
A)is the sum of the
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