ch 4 econ

the market for public utilities, like gas and electricity, does exhibit the two primary characteristics that define perfectly competitive markets

false

in a perfectly competitive market, all producers sell ___ goods or services. Additionally, there are ___ buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price ____.

identical, many, takers

Identical products, as well as a large number of buyers and sellers, are characteristics of a --- market. In such markets, sellers of goods ----- influence the prevailing market price, giving them the role of price ---- in the market.

perfectly competitive, cannot, takers

True or False: The market for digital cable does not exhibit the two primary characteristics that define perfectly competitive markets

true

True or False: The market for lettuce does exhibit the two primary characteristics that define perfectly competitive markets

true