A price taker is
A. a firm that accepts different prices from different customers.
B. a consumer who accepts different prices from different firms.
C. a perfectly competitive firm.
D. a firm that cannot influence the market price.
E. both C and D
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
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