Chapter 10

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Which of the following is a reason why forms under pure competition would not find it gainful to advertise their product?

Firms produce a homogenous product

Which of the following statements applies to a purely competitive producer?

It will not advertise its product

Which of the following is true under conditions of pure competition?

No single firm can influence the market price by changing its production level

The demand schedule or curve confronted by the individual, purely competing firm is

Perfectly elastic

Which characteristic would be best associated with pure competition?

Price takers

Which of the following is a feature of a purely competitive market?

Products are standardized or homogenous

Which of the following is NOT a necessary characteristic of purely competing industry?

The industry or market demand is highly elastic

EAn industry comprising a very large number of sellers producing a standardized product known as a

Those markets that are not purely competitive

a purely competitive seller is

a "price taker"

Which of the following industries most closely approximates pure competition?

agriculture

In a purely competitive industry each firm

can easily enter or exit the industry

Which of the following is NOT a basic characteristic of pure competition?

considerable no price competition

Price is taken to be a "given" by an individual firm selling in a purely competitive market because

each seller supplies a negotiable fraction of the total market

Which of the following is NOT a basic market model?

free enterprise

Which of the following is NOT a characteristic of pure competition?

pricing strategies by firms

Which idea is inconsistent with pure competition?

product differentiation

In which market model are the conditions of entry into the market easiest?

pure competition

The market for agricultural products such as wheat or corn would best be describe by which market model?

pure competition

If a firm has at least some control over the price of its product, then the firm CANNOT be in which market model

pure competition (2)

An industry comprising a very large number of sellers producing a standardized product is known as

pure competiton (1)


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