What is one reason perfectly competitive firms wish to be ever more efficient?
A) Individual firms are awarded by the tax code to be more efficient.
B) Individual firms can better control their costs than the price they can charge.
C) Individual firms can better control their costs than their output levels.
D) Individual firms don't need to be efficient; government policies do not reward efficiency.
B
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Money serves as a standard of value, which is another way of saying that money functions as
A) a unit of accounting. B) a medium of exchange. C) an opportunity cost of investment. D) standard of deferred payment.
A price searcher is any firm that has no control over price and must accept the market price as given
a. True b. False
Which of the following best states the main criticism of the Sherman Act?
a. It was overly harsh. b. It was unnecessary at the time. c. It was too vague. d. It duplicated existing law. e. It came too late in the Industrial Revolution.
The Justinian code:
a. Summarized the laws of Greece b. Was the first example of common law c. Codified the laws of the Roman Empire d. Were written by Justinian himself e. Both c and c are correct