A key characteristic of a competitive market is that
a. government antitrust laws regulate competition.
b. producers sell nearly identical products.
c. firms minimize total costs.
d. firms have price setting power.
b
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Inflation initiated by increases in wages or other resource prices is labeled:
A. demand-pull inflation. B. demand-push inflation. C. cost-push inflation. D. cost-pull inflation.
Proponents of the Patient Protection and Affordable Care Act (PPACA) had one major goal, which is:
A. To expand the range of illnesses covered by insurance B. To nationalize health care in the country C. To extend health insurance coverage to all Americans D. To set prices for all health-care procedures and services
In an oligopoly, advertising: a. allows a firm to sell any quantity it wishes
b. shapes consumers' preferences. c. shapes perceived demand for a price taker. d. allows a firm to raise the prevailing market price.
The real risk-free interest rate is determined by:
a. Consumer and business demand. b. Supply and demand forces in the real loanable funds market. c. International supply and demand for domestic currency in the foreign exchange market. d. The size of the government debt. e. None of the above.