21) is the market situation in which there are many sellers in a market and no 2

Question

21) is the market situation in which there are many sellers in a market and no 21) seller is large enough to dictate the price of a product. A) Monopolistic competition C) Perfect competition B) Oligopoly D) Microeconomic competition 22) A major benefit of socialism is the: 22) _ A) emphasis on private enterprise instead of public ownership B) ability to stimulate rapid economic growth. C) ability to keep taxes low D) emphasis on social equality 23) Under the -system there is very little incentive to work hard or to produce 29 quality goods or services. A) socialist C) mixed economy B) communist D) capitalist 24) 24) Brain drain has occurred in many socialistic nations because: A) tax rates on well-respected professionals such as doctors tend to be very high. B) socialism encourages an unequal distribution of income, leaving many without medical and social services. C) workers tend to have to work longer hours and receive fewer benefits under D) the government does little to protect the natural environment 25) 29 is buying products from another country A) Retailing B) Importing C) Outsourcing D 26) 26) 29- is the selling of products to another country A) Exporting B) Dumping C) In-trading D) Importing 2) 27) A nation has ain the production of a good or service if it can produce that good or service more effectively or efficiently than it can produce other goods. B) A) primary efficiency C) qualified advantage D) supreme advantage 28) 28) The concept of free trade means A) goods and services can be traded freely across borders without political and/or economic barriers. B) there is no exchange of currency, but the trading partners determine the value of the product and perform a bartering process to exchange goods. C) buyers and sellers contract with each other and offer some goods at no cost. D) there is no exchange of currency for these products

Explanation / Answer

21) The correct answer is option C.

Perfect competition is the situation in the market where there are many buyers and sellers in the market and all the elements of monopoly are absent. The individual buyer and seller does not control the market price of the commodity.

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