Econ 102 Exam 2 Questions and Correct Answers the Latest Update and Recommended Version
4 views 0 purchase
Course
Econ 102
Institution
Econ 102
Which of the following is NOT true regarding perfectly competive markets?
A. It is difficult or impossible for a firm to enter and compete in the market.
B. All firms in the market are price takers.
C. Homogenous goods are sold by the firms.
D. The market contains many buyers and sellers.
→ ...
Econ 102 Exam 2 Questions and Correct
Answers the Latest Update and
Recommended Version
Which of the following is NOT true regarding perfectly competive markets?
A. It is difficult or impossible for a firm to enter and compete in the market.
B. All firms in the market are price takers.
C. Homogenous goods are sold by the firms.
D. The market contains many buyers and sellers.
→ It is difficult or impossible for a firm to enter and compete in the market.
Regarding perfect competition, what does it mean when the goods sold by the firms in a
market are homogeneous?
A
Firms can produce the same good with different inputs and different costs.
B
The good sold by one firm is a perfect substitute of the good sold by another firm in the same
The clothing and attire retail market has seen an increased number of firms entering the
industry. Thus, there is a lot of competition in markets for many types of clothing. What is the
result of this high amount of competition?
A
Individual buyers and sellers cannot affect the market price.
B
Firms have a lot of flexibility in pricing their products.
C
One individual firm can determine the market price.
D
Some firms must necessarily leave since the prices will be too low.
→ Individual buyers and sellers cannot affect the market price.
1|Page| GradeA+ | 2 0 0 2 5
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
