A perfectly competitive business is a _________ , or it accepts the price of the product it receives in the product market or it pays in the input as given.
Monopsony
Price Taker
Interdependent
If the following conditions hold, an input or product market structure is considered perfectly competitive.
Homogeneous product, barriers for entry or exit, a large number of sellers, perfect information
Not homogeneous, no barriers for entry or exit, a large number of sellers, imperfect information
Homogeneous product, no barriers for entry or exit, a large number of sellers, perfect information
Homogeneous product, no barriers for entry or exit, a few sellers, perfect information
Classification of inputs
Land, Labor, Capital, and management
Renewable resources, Labor, Capital, business expansion
Non renewable resources, Labor, Durable equipment, Management
Classification of firms
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of the Above
A production function characterizes the physical relationship between what?
The level of inputs and the use of output
The use of inputs and the level of output
When we graph the output and input relationship we come up with ________?
A market supply curve
A market demand curve
A total physical product curve
A total product demand curve
A market supply curve for a particular product generally has a positive slope.
The market supply curve for a particular product is based on the decisions of ________ and ____________ made by individual businesses in an industry
What and how much to produce
Where and what to produce
Why and how to produce
Legislative act that prohibited monopolies and other restrictive business practices
Federal Trade Commission Act
Clayton Act
Agricultural Bargaining Associations
Sherman Antitrust Act
