This occurs in a situation where a commodity or service is supplied by a number of vendors and there is nothing to prevent additional vendors from entering the market.

Engineering Economy # 1

Quiz
•
Mathematics
•
University
•
Hard
Coco Butter
Used 2+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Elastic Demand
Perfect Competition
Monopoly
Oligopoly
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The reduction in the level of national income and output, usually accompanied by a fall in general price level.
Devaluation
Inflation
Depletion
Deflation
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The total cost of importing products. This includes the purchase price, transport, insurance, and associated taxes.
Sunk Cost
Franchise
Direct Cost
Landed Cost
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An organization that aims to block the entry of a new corner.
Monopoly
Cartel
Competitor
Proprietor
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When free competition exists, the price of a product will be that value where supply is equal to the demand.
Law of Supply and Demand
Law of Supply
Law of Demand
Law of Diminishing Returns
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The amount which a willing buyer will pay to a willing seller for a property when neither one is under compulsion to buy or sell.
Book Value
Market Value
Fair Value
Salvage Value
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Exclusive right granted by the government for the manufacture, use and sale of a specific product.
Patent
Franchise
Monopoly
Monopsony
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