Which of the following is NOT a basic characteristic of perfect competition?
A. considerable non-price competition
B. no barriers to the entry or exit of firms
C. a standardized or identical product
D. a large number of buyers and sellers
A. considerable non-price competition
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Firms that can price discriminate between customers do so to ________
A) increase consumer surplus B) increase employment C) increase their profit D) decrease the quantity they produce
A variable that tends to move later than aggregate economic activity is called
A) a leading variable. B) a coincident variable. C) a lagging variable. D) an acyclical variable.
The IS curve will shift to the right if:
a. the government deficit decreases. b. consumer confidence decreases. c. the MPC decreases. d. taxes decrease. e. the money supply increases.
The nominal price of milk was $2.25 in 1998 while the CPI was 163.0 that year. Also, the CPI in 1970 was 38.8. What was the real value of 1998 milk in terms of 1970 dollars?
What will be an ideal response?