Economics Concepts in Agriculture
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Questions and Answers

Which of the following is a characteristic of a perfectly competitive market?

  • A few large firms dominate the market
  • Firms have significant control over price
  • High barriers to entry
  • Firms can freely enter and exit the market (correct)

    • Which of the following is an example of a public good?

  • A toll road
  • A luxury car
  • A private beach resort
  • National defense (correct)

    • Which of the following is an example of a regressive tax?

  • Progressive income tax
  • Sales tax (correct)
  • Property tax
  • Value-added tax

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