List and describe the characteristics of a perfectly competitive market
There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.
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If a cartel firm is producing the agreed upon quantity, they are producing at a level where ________.
A) the difference between marginal revenue and marginal cost (MR - MC) is negative B) their marginal cost exceeds their marginal revenue C) their marginal revenue equals their marginal cost D) their marginal revenue exceeds their marginal cost
Cost centers
a. Are largely run by themselves b. Require the parent company to monitor quality control c. May try to reduce costs by reducing quality d. Both B&C
When foreigners buy U.S. dollars because they are a more stable currency than the currencies in their countries, they are generating a
A. Supply of U.S. dollars and a demand for a foreign currency. B. Supply of U.S. dollars and a supply of a foreign currency. C. Demand for U.S. dollars and a demand for a foreign currency. D. Demand for U.S. dollars and a supply of a foreign currency.
Exhibit 1A-4 Straight line
Straight line A-D in Exhibit 1A-4 shows that:
A. as the X value increases by 80, the Y value increases by 40 so the slope is 2. B. as the Y value increases by 40, the X value increases by 80 so the slope is 1/2. C. increasing values for X do not affect the value of Y. D. increasing values for Y do not affect the value of X.