Micro Economics

Which of the following is an example of a perfectly competitive market?

• Automobile industry

• Monopoly market

• Oligopoly market

• Agriculture market

The demand curve for a normal good slopes

• Upward

• Vertically

• Downward

• Horizontally

The______ is a market structure characterized by a single seller with no close substitutes for its product.

Which of the following is a characteristic of a perfectly competitive market?

• A small number of buyers and sellers

• Product differentiation

• Barriers to entry

• Price takers

The _____ is the amount of money received from selling a good or service.