In order for the price mechanism to work, we need
A. To have the government regulate each industry.
B. Many competing firms in each industry.
C. To have only a few firms in each industry.
D. None of the choices are true.
B. Many competing firms in each industry.
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The sacrifice of an alternative is called:
A) revenue. B) benefit. C) opportunity cost. D) production.
If the price of Good X is $2, the price of Good Y is $10 and the consumer's budget is $100, which of the following combinations of Good X and Good Y would be on the budget line?
A. 50 units of Good X and 10 units of Good Y B. 10 units of Good X and 6 units of Good Y C. 25 units of Good X and 5 units of Good Y D. 30 units of Good X and 6 units of Good Y
Because of automatic stabilizers, when GDP fluctuates the...
What will be an ideal response?
A monopolist will never produce at a quantity where the:
A. MR < 0. B. MR > 0. C. P > MR. D. MR= MC.