Which of the following characterizes a perfectly competitive market?
a. a few firms fiercely competing by slashing prices
b. product differentiation through aggressive advertising
c. perfect information
d. limited resource mobility
e. barriers to entry such as licenses
C
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What is the maximum value of the Lerner index?
A) Infinity B) 100 C) Two D) One
Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2i) watch two half-hour TV sitcoms, (3) play pool, and (4) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information? a. Jogging around town
b. Watching two half-hour TV sitcoms. c. Playing pool. d. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry.
Labor unions will raise the quantity of labor demanded
a. True b. False Indicate whether the statement is true or false
Compared to 1929, total output per person in the U.S. today is approximately ________ times larger.
A. 15 B. 2 C. 25 D. 5