Which of following is a key assumption of a perfectly competitive market?
A. Firms can influence market price.
B. Commodities have few sellers.
C. It is difficult for new sellers to enter the market.
D. Each seller has a very small share of the market.
E. none of the above
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.
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.
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