ECO 353 Study Guide - Quiz Guide: Monopsony, Ferrari P, Efficient-Market Hypothesis
Document Summary
Study guide: t f curve must be infinitely price elastic. If a market is perfectly competitive, then the market demand: t f the industry faces a horizontal demand curve. If the firms in an industry are price takers, then every firm in: t f competitive face downward-sloping demand curves. Firms that sell commodities on markets that are imperfectly: t f of a product for which there are no close substitutes. Monopoly is a market structure in which there is only one buyer: t f a product and additional sellers cannot easily enter the industry. Oligopoly is a market structure in which there are few sellers of: t f of a commodity or input for which there are no close substitutes. Monopsony is a market structure in which there is a single buyer: t f market price. Under perfect competition, changes in market supply do not affect: t f homogeneous.
