3. The Market Forces of Supply and Demand

In perfect competition, long-run equilibrium occurs when the economic profit is:

A business would want to concentrate its production facilities in a centralized location when:

A company's product market includes _____.

In competitive markets, the pressure of rivalry increases when which of the following forces increases in intensity?

In competitive markets, how do firms typically approach product customization when employing a global standardization strategy?

In a competitive market in Happy Valley with three industrial firms, which of the following best describes the behavior of each firm?

Which statement is NOT true regarding the market portfolio in a competitive market?

Because perfectly competitive firms are price takers, the marginal revenue is equal to the market:

In a competitive market, if your company uses a nonprice competition strategy, which of the following actions is most likely being pursued?

In a competitive market, sellers choose:

In the context of competitive markets, a competitive advantage based on location is often sustainable because:

In the context of competitive markets, the most important consideration when a firm chooses a global product strategy should be:

Which of the following does competition in a competitive market imply?

Which of the following is NOT a basic characteristic of pure competition?

Suppose there are four gas stations in town, each selling identical gasoline and none has any control over the market price. Which market structure best describes this situation?