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Perfect Competition Products

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Which of the following is (are) most likely to be produced under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs? Defend your answer in economic terms.

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The following products would likely be produced under perfect competition:

1. beer
2. corn
3. eggs

-- In perfect competition, there are numerous buyers and many sellers. No one seller can gain a competitive advantage ...

Solution Summary

This solution explains which products, autos, beer, corn, diamonds, or eggs would likely be produced under conditions resembling perfect competition in 127 words.

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13. If an oligopolistic firm decides to raise its price.
A. other firms will automatically follow
B. none of the other firms will follow
c. other firms may follow if it is the price leader
D. only some of the firms will follow

14. The main difference between perfect competition and monopolistic competition is
A. the number of sellers in the market
B. the ease of exit from the market
C. the degree of information about the market price
D. the degree of product differentiation

15. Prices under an ideal cartel situation will be equal to
A. monopoly prices
B. competitive prices
C. prices under monopolistic competition
D. marginal cost

16. Price discrimination exists when
A. two different sellers charge different prices for the same product
B. one company sells identical products in different markets at different prices
C. the ratio of price to marginal cost differs for similar products
D. both B and C

17. If a product which costs $8 is sold at $10, the mark-up is
A. $2
B. 25%
C. 20%
D. none of the above

18. In finance, risk is most commonly measured by
A. the probability distribution
b. the standard deviation
C. the average deviation
D. the square root of the standard deviation

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