Answer the following statements true (T) or false (F)
1. Under conditions of perfect competition, firms sell identical products.
2. Perfect competition assumes free entry into a business or industry.
3. Under perfect competition, market price is determined by market demand and supply.
4. A prime example of perfect competition is the U.S. auto industry.
5. Under conditions of perfect competition, AR always equals MR.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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Does the Federal Reserve conduct both the nation's monetary policy and its fiscal policy?
What will be an ideal response?
Which of the following "factors of production" is included in the neoclassical growth theory?
A) skills and education of the workforce B) cultural attitudes toward work C) effectiveness of the legal system in protecting property rights D) labor measured in units of effective labor E) all of the above
The most that someone would pay today to receive a certain sum at some point in the future is known as
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Which of the following allows you to provide information about the relationship between two variables?
a. coordinate system. b. pie chart c. bar graph d. time-series graph