TRUE OR FALSE. Write TRUE if the Statement is true and write FALSE if the statement is
false,
1. Market structure refers to the competitive environment in which the buyers and sellers of
a product operate,
A. TRUE
B. FALSE
pita
2. Economists define a market as a place where buyers go to purchase units of a
.
A. TRUE
B. FALSE
3. A market structure is defined in terms of the number and sizes of buyers and sellers on a
market, the type of product traded on the market, the mobility of resources, and the
amount of knowledge economic agents have about market conditions.
p
A. TRUE
B. FALSE
4. If a market is perfectly competitive, then the market demand curve must be infinitely
price elastic
A. TRUE
B. FALSE
5. If the firms in an industry are price takers, then every firm in the industry faces a
horizontal demand curve.
A. TRUE
B. FALSE​