If a competitive market operates perfectly, it relies on:

a. the number of people buying goods

b. the laws of supply and demand

c. how many products can be produced for sale

d. how much people are willing to pay for the products

answer

watching

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Sonia DhawanLv10

22 Nov 2020

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related questions

30. Many car owners and car dealers describe their cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper. The absence of which condition prohibits this market from being described as perfectly competitive? a. Buyers and sellers know the prices. b. Firms can freely enter and cxit. C. Consumers believe all firms sell identical products. d. There are many people selling their cars and many consumers shopping for cars.

In a market economy, how can the people receive the goods and services produced?

A) Need the goods and services the most.

B) Want the goods and services the most.

C) Have the most political power.

D) Are willing and able to pay the market price.

eringnat560

A major difference between monopolistic competition and perfect competition is:

a. there are barriers to entry in monopolistic competition. There are no barriers to entry in perfectly competitive markets.

b. monopolistically competitive firms sell differentiated products. Perfectly competitive firms sell identical products.

c. government regulation restricts the ability of monopolistically competitive firms to change their prices. Perfectly competitive firms face no price regulation.

d. the market demand curve in a monopolistically competitive market slopes downward. The market demand curve in a perfectly competitive market is horizontal