Which of the following scenarios is not consistent with a perfectly competitive market? Choice 1 of 4:In the market for phones everyone considers iPhones and Androids to be essentially the same thingChoice 2 of 4:Each producer of backpacks can freely set the price, while consumers of backpacks take the price that is setChoice 3 of 4:The stalls selling lucky rabbit feet by the airport have a marginal revenue that is equal to the market priceChoice 4 of 4:Mike, Elle, and Dustin are all attempting
Which of the following scenarios is not consistent with a perfectly competitive market? Choice 1 of 4:In the market for phones everyone considers iPhones and Androids to be essentially the same thingChoice 2 of 4:Each producer of backpacks can freely set the price, while consumers of backpacks take the price that is setChoice 3 of 4:The stalls selling lucky rabbit feet by the airport have a marginal revenue that is equal to the market priceChoice 4 of 4:Mike, Elle, and Dustin are all attempting
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter23: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 13CQ
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Which of the following scenarios is not consistent with a
Choice 1 of 4:In the market for phones everyone considers iPhones and Androids to be essentially the same thingChoice 2 of 4:Each producer of backpacks can freely set the price, while consumers of backpacks take the price that is setChoice 3 of 4:The stalls selling lucky rabbit feet by the airport have a marginal revenue that is equal to the market priceChoice 4 of 4:Mike, Elle, and Dustin are all attempting to sell lemonade, but at 1pm Mike can easily go home and Lucas can easily start selling.
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