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Free entry and exit in a market structure means the firms are price _____
In a competitive market free of government regulation
a. price adjusts until quantity demanded is greater than quantity supplied
b. price adjusts until quantity demanded is less than quantity supplied
c. price adjusts until quantity demanded equals quantity supplied
d. supply adjusts to meet demand at every price
Which of the following is not one of the assumptions of a perfectly competitive market?
-The product is homogeneous.-There is free entry and exit of firms.-There are a large number of buyers and sellers.-Firms know more about market prices and conditions that consumers do