“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?

Related Mcqs:

What is the type of annuity that does not have a fixed time span but continues indefinitely or forever ?

A. Ordinary annuity B. Perpetuity C. Annuity due D. Deferred annuity...

What market situation exists where there is only one buyer and only one seller ?

A. Monopsony B. Monopoly C. Bilateral monopsony D. Bilateral monopoly...

A P 1,000,000 issue of 3%, 15-year bond was sold at 95%. What is the rate of interest of this investment ?

A. 3.0% B. 3.4% C. 3.7% D. 4.0%...

What refers to an imaginary cost representing what will not be received if a particular strategy is rejected ?

A. Opportunity cost B. Ghost cost C. Horizon cost D. Null cost...

A form of business firm which is owned and run by a group of individuals for their mutual benefit is called ___________________?

A. Cooperative B. Corporation C. Enterprise D. Partnership...