If all firms in an industry are price-takers, then:

What will be an ideal response?


an individual firm cannot alter the market price even if it doubles its output.

Economics

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According to the textbook application, California’s urban smog problem

a. diminished because of the responsiveness of U.S. automobile manufacturers b. was never addressed by state legislation c. was linked through scientific study to auto emissions in the 1950s d. all of the above

Economics

Markets are generally more effective at providing ________ and governments are most effective at providing ________

A) pure public goods; common pool resources B) pure private goods; pure public goods C) common pool resources; club goods D) club goods; pure private goods

Economics

If at a given exchange rate U.S. citizens wanted to buy more foreign bonds

a. the demand for dollars in the market for foreign-currency exchange would shift right. b. the demand for dollars in the market for foreign-currency exchange would shift left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.

Economics

The common currency of the EU, the euro, was created in

A) 1985. B) 1992. C) 1999. D) 2004.

Economics