A is usually the product of price controls that do not allow markets to adjust to unforeseen events that disrupt supply. (Enter one word in the blank.)

The situation where a market has only a small number of sellers producing similar products is known as an . (Insert a single word.)

Fill in the Blank QuestionFill in the blank question.When the sale of a firm's total output of a product in a purely competitive product market has no effect on the market price, this makes the firm a . (Enter one word for each blank)

If firms do not increase their quantity supplied when price changes, then supply is ________.

The competitive firm is referred to as a price because it cannot change market price; it can only adjust to it.

------------ occurs when a company exports a product at a price lower than the price it usually charges in its home market.