Which of the following is a characteristic of a perfectly competitive market?
A. a large number of firms in a market
B. selling a standardized product
C. no barriers to entry
D. All of these
Answer: D
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Refer to Table 2-20. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches C) 5 wristwatches D) 0.05 units of a wristwatch
One desirable aspect of having multiple levels of government is that numerous small governments _____
a. leads to a prisoners' dilemma b. allows for the possibility of intergovernmental competition c. affect the optimal size of the sharing group d. demonstrate how effective the federal government is at what it does
A decrease in demand is represented by
a. a shift outward of the entire demand curve. b. a shift inward of the entire demand curve. c. a movement along the demand curve in a southeasterly direction. d. a movement along the demand curve in a northwesterly direction.
Refer to the above table. In examining the utility schedules for Michael and Rosie, we can conclude that
A. they both received the same satisfaction from watching the fourth movie. B. they like the third movie the same. C. they like movies the same. D. Michelle likes movies more than Robert does.