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Question
In competitive markets
a. firms set the prices for their products with little concern for the consumer.
b. firms are considered to be price makers.
c. firms are at the mercy of market forces.
d. the individual firms are much stronger than the market forces are.
e. the market forces set the quantity in the market but not the prices.
Answer
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Related questions
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The economic entity most likely to engage in price gouging is
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a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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