Multiple Choice Identify the choice that best completes the statement or answers the question.

Multiple Choice

Identify the choice that best completes the statement or answers the question.

____ 1. In a competitive market, the actions of any single buyer or seller will

a. have a negligible impact on the market price.

b. have little effect on overall production but will ultimately change final product price.

c. cause a noticeable change in overall production and a change in final product price.

d. adversely affect the profitability of more than one firm in the market.

Table 14-1

Quantity Price

1 13

2 13

3 13

4 13

5 13

6 13

7 13

8 13

9 13

____ 2.Refer to Table 14-1. The price and quantity relationship in the table is most likely that faced by a firm in a

a. monopoly.

b. concentrated market.

c. competitive market.

d. strategic market.

____ 3. When buyers in a competitive market take the selling price as given, they are said to be

a. market entrants.

b. monopolists.

c. free riders.

d. price takers.

____ 4. Of the following characteristics of competitive markets, which are necessary for firms to be price takers?

(i) There are many sellers.

(ii) Firms can freely enter or exit the market.

(iii) Goods offered for sale are largely the same.

a. (i) and (ii) only

b. (i) and (iii) only

c. (ii) only

d. All are necessary.

Name: ________________________ ID: A

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.