The demand curve of a perfectly competitive firm is vertical
a. True
b. False
Indicate whether the statement is true or false
False
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The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal external benefit is
A) zero. B) $5,000. C) $4,000. D) $8,000.
The Commodity Credit Corporation (CCC) instituted several policies to improve the welfare of farmers. Which of the following best describes the programs' effects?
a. The CCC price supports mandated a one-price policy on all agricultural goods. b. The CCC made loans to farmers, using the farmers' future crops as collateral with recourse. c. The CCC price supports inefficiently allocated resources, which decreased welfare. d. If the commodity price increased, according to the free market, then the CCC would command and collect "excess" profits, i.e., revenues in excess of the one-price policy, for use as loanable funds.
At any moment in time, middle-age people tend to have higher incomes than both younger and older people do
a. True b. False Indicate whether the statement is true or false
For a monopoly, the entry of new firms is difficult, but not impossible
Indicate whether the statement is true or false