An essential characteristic of a perfectly competitive market is:
A. buyers and sellers have no control over the market price.
B. sellers are selling unique products.
C. buyers have complete control over the market price and sellers have none.
D. sellers have complete control over the market price and buyers have none.
A. buyers and sellers have no control over the market price.
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If the price of gasoline increases, what will be the impact in the market for public transportation?
A) The quantity of public transportation demanded decreases. B) The quantity of public transportation demanded increases. C) The demand curve for public transportation shifts to the right. D) The demand curve for public transportation shifts to the left.
Unanticipated moral hazard contingencies can be reduced by
A) screening. B) long-term customer relationships. C) specialization in lending. D) credit rationing.
A charity that used to offer contributors private goods such as coffee mugs, books, or magazine subscriptions, but no longer does, is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller B. increase; larger C. reduce; smaller D. reduce; larger
Economics is the study of how people make
A) subjective judgments. B) life easy. C) money. D) choices.