Inacompetitivemarket,thequantityofaproductproducedandthepriceoftheproductaredeterminedby
A. buyers.
B. sellers.
C. both buyers and sellers.
D. None of the above is correct.
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Thetermpricetakersreferstobuyersandsellersin
A. perfectly competitive markets.
B. monopolistic markets.
C. markets that are regulated by the government.
D. markets in which buyers cannot buy all they want and/or sellers cannot sell all they want.
Ifbuyersandsellersinacertainmarketarepricetakers,thenindividually
A. they have no influence on market price.
B. they have some influence on market price but that influence is limited.
C.buyers will be able to find prices lower than those determined in the market.
D. sellers will find it difficult to sell all they want to sell at the market price.
Whichofthefollowingistheleastlikelytobeacompetitivemarket?
A. ice cream
B. soybeans
C. cable television
D. new houses
Thequantitydemandedofagoodistheamountthatbuyersare
A. willing to purchase.
B. willing and able to purchase.
C. willing, able, and need to purchase.
D. able to purchase.
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