参考答案-nss-NSSExploringEconomics2.docVIP

NSS Exploring Economics 2 Consolidation Worksheets Chapter 13 Market and market structure Test yourself 13.1 Explain if the following are essential components of a market. Answers: i. Buyers (Essential / Not essential) ii. Sellers (Essential / Not essential) iii. The product transacted (Essential / Not essential) iv. A market place (Essential / Not essential) v. Face-to-face contact between buyers and sellers (Essential / Not essential) vi. Rules or customs governing the transaction practice (Common / Uncommon) but (essential / not essential) vii. Product price (Essential / Not essential) 13.2 Suppose there are many sellers in a market. Some sellers are large and some sellers are associated with each other. Are these sellers price takers? Answers: Price takers are sellers who _____________ influence the market price and have to take and sell at the market price. Although the market has many sellers, if some sellers have a significant market share due to their large size or their association with other sellers, then their changes in supply _____________ affect the market supply and hence the ______________. These sellers are not ______________ as they have the ability to influence the market price. 13.3 Explain if the following statement is true, false or uncertain. ‘A perfectly competitive market is also called a price-taking market because buyers have to take the prices sellers charge.’ Answers: False. A perfectly competitive market is also called a price-taking market because ___________ individual buyers and sellers have to take the price determined by ____ ____________________________ and market supply, instead of prices charged by sellers. 13.4 Explain if textbook retailers in Hong Kong supply homogeneous products or heterogeneous products. Answers: Textbook retailers provide textbooks retailing services. Although textbooks sold by different retailers are _____________, the services provided by them are _______________, e.g