A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:
A. highly inelastic.
B. very elastic.
C. unitary elastic.
D. composed of many small buyers.
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Use the following statements to answer this question:I. Markets may be highly (but not perfectly) competitive even if there are a few sellers.II. There is no simple indicator that tells us when markets are highly competitive.
A. I and II are true
B. I is true and II is false
C. I is false and II is true
D. I and II are false
If managers do not choose to maximize profit, but pursue some other goal such as revenue maximization or growth,
A. they are more likely to become takeover targets of profit-maximizing firms.
B. they are less likely to be replaced by stockholders.
C. they are less likely to be replaced by the board of directors.
D. they are more likely to have higher profit than if they had pursued that policy explicitly.
E. their companies are more likely to survive in the long run.
The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A. Consumers know their preferences.
B. Consumers know their income levels.
Consumers know the prices available.
D. Consumers can anticipate price changes.
E. Firms know their costs, prices and technology.
Revenue is equal to
A. price times quantity.
B. price times quantity minus total cost.
C. price times quantity minus average cost.
D. price times quantity minus marginal cost.
E. expenditure on production of output.
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