The demand curve for each seller's product in perfect competition is horizontal at the market price because
A) all the sellers get together and set the price.
B) all the demanders get together and set the price.
C) the price is set by the government.
D) each seller is too small to affect market price.
D
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The result that, under certain circumstances, no government action is needed to control an externality because it can be eliminated by bargaining between the affected parties is called
A) a Nash equilibrium. B) Coase Theorem. C) Bargaining Theorem. D) English Bargaining.
According to the above table, Alpha has comparative advantage in producing
A) pizzas. B) donuts. C) both pizzas and donuts. D) neither pizzas nor donuts.
If consumer purchases of a good are highly sensitive to the price of the good, economists say the demand for the good is relatively
a. inelastic. b. elastic. c. robust. d. inverse.
Entrepreneurship refers to
What will be an ideal response?