Perfect information is a necessary condition of perfect competition.
Answer the following statement true (T) or false (F)
True
The competitive market process relies on the free flow of information about products and prices.
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The above figure shows Jane's budget line and two of her indifference curves. How many steak dinners will Jane purchase each month?
A) 4 steak dinners B) 6 steak dinners C) 8 steak dinners D) 10 steak dinners
Refer to Scenario 10.1. How much profit will she make?
A) -996 B) 0 C) 1,296 D) 1,568 E) none of the above
The statistical discrepancy
a. is always positive b. is always negative c. must be reduced to zero and eliminated from the balance of payments before the records become official d. is a residual factor that indicates the net error in the balance of payments data e. is a record of all transactions between residents of two countries over a specified period
Which of the following statements is true?
a. Goods are scarcer than services in an economy. b. Goods are scarce for neither the poor nor the rich. c. Goods are scarce for both the poor and the rich. d. Goods are scarce for the poor but not for the rich. e. Goods are scarce for the rich but not for the poor.