For a firm in a perfectly competitive industry, the demand curve for its own product is
A. upward sloping.
B. downward sloping.
C. horizontal.
D. vertical.
Answer: C
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The higher the transaction cost of an exchange, the lower the probability of the exchange taking place between the buyer and the seller
Indicate whether the statement is true or false
A positive externality exists and government wants to impose a subsidy in order to bring about an efficient outcome. To accomplish its objective, government must set the subsidy equal to marginal
A. private cost. B. social benefit. C. external cost. D. social cost. E. external benefit.
In the short-run macro model, if the economy is in equilibrium, it must also be operating at full employment
a. True b. False
The unionization rate grew most rapidly in the United States between
A. 1935 and 1945. B. 1980 and 1988. C. 1950 and 1953. D. 1880 and 1901.