If every firm is a price taker, then which of the following characteristics does their industry have?
a. large number of sellers
b. many versions of the product
c. limited resource mobility
d. few consumers
e. market power
A
You might also like to view...
Explain the term "economics."
What will be an ideal response?
Given an upward sloping supply curve, the more inelastic is demand, the greater the fraction of the burden of taxation that is borne by consumers
a. True b. False Indicate whether the statement is true or false
An increase in the taxes paid by consumers shifts the aggregate demand curve to the left
a. True b. False Indicate whether the statement is true or false
An increase in the Federal minimum wage, assuming the minimum is higher than equilibrium wage and that all other things remain constant, will:
A. reduce the number of unemployed. B. shift the supply of labor to the right. C. increase the number of unemployed. D. shift the demand of labor to the right.