Under conditions of perfect competition, if any one buyer increases her purchases, the market price
a. rises
b. remains unchanged
c. falls
d. either rises or falls
e. will change, but in an unpredictable fashion
B
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Over time, the price of personal computers has fallen dramatically. All else constant, this would lead us to expect that demand for personal computers has become more price elastic
Indicate whether the statement is true or false
When the U.S. economy is at its full-employment level, the unemployment rate is not equal to zero because:
a. cyclical unemployment is always present in a modern economy. b. of the statistical discrepancy. c. voluntary unemployment is always positive. d. frictional and structural unemployment are always present in a modern economy. e. there are always people who are too lazy to work.
Oligopolists behave independently of each other.
Answer the following statement true (T) or false (F)
Rainbow trout has the shortest fishing season, which causes a rapid decrease in its population. To prevent the extinction of the trout, the government initially imposed a quota on the total amount of fish caught. The quota was imposed on the fishing of rainbow trout to prevent _____
a. the free rider problem b. the tragedy of the commons c. asymmetric information d. deadweight loss