State any two properties of the perfectly competitive market
All sellers in a perfectly competitive market are price takers. The products produced by each seller in a perfectly competitive market are homogenous.
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Lines, ration coupons, and black markets are symptoms of a
a. price floor. b. price ceiling. c. free market. d. barter economy.
When the price is $2
A. quantity supplied is greater than quantity demanded and, therefore, price must rise to get to equilibrium.
B. quantity supplied is less than quantity demanded and, therefore, price must fall to get to equilibrium.
C. quantity demanded is greater than quantity supplied and, therefore, price must rise to get to equilibrium.
D. quantity demanded is greater than quantity supplied and, therefore, price must fall to get to equilibrium.
Abby bakes brownies and Liam grows flowers. In which of the following cases is it impossible for both Abby and Liam to benefit from trade?
a. Abby does not like flowers and Liam does not like brownies. b. Abby is better than Liam at baking brownies and Liam is better than Abby at growing flowers. c. Liam is better than Abby at baking brownies and at growing flowers. d. Both Abby and Liam can benefit from trade in all of the above cases.
The cost of stimulating the economy in the 1970s was:
A. high inflation and low unemployment for most of the 1980s. B. a severe recession with high unemployment in the 1980s. C. high inflation and high unemployment for most of the 1980s. D. a mild recession with modest unemployment in the 1980s.