Which of the Following Four Firms Would Most Likely NOT

question 8

Multiple Choice

Which of the following four firms would most likely NOT be part of a perfectly competitive market?

• A) Mark sells his tomatoes at the local farmers market.
• B) The WaveHouse is the only place in San Diego where you can ride an indoor 10 foot wave.
• C) Village Pizza sells pizza in a college town.
• D) Space Age Fuel is a gas station in Bend, Oregon.

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Definitions:

Decision Makers

Individuals or entities in a position of authority who make choices that determine the course of actions to be followed, often affecting outcomes in business or organizational settings.

Secondary Effects

Unintended consequences of economic actions that may develop slowly over time as people react to events.

Rent Control

Government regulations that limit the amount landlords can charge for renting out a property and may also restrict the reasons for evicting tenants.

Economy Works

The systematic way in which economic activities are organized and conducted in a society to produce goods and services.