Which of the following statements about a perfectly competitive market are TRUE?
I. The perfectly competitive industry faces an upward sloping labor supply curve.
II. The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve.
A) I only
B) II only
C) both I and II
D) neither I nor II
C
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If business losses are the result of uncertainty in the real world, then
A) business profits are too. B) profits must equal losses in the short run. C) profits must equal losses in the long run. D) losses could be eliminated if we could eliminate uncertainty in the real world, but profits will still remain.
Which of the following best describes the "wealth effect"?
A) When the price level falls, the real value of household wealth falls. B) When the price level falls, the real value of household wealth rises. C) When the price level falls, the nominal value of household wealth rises. D) When the price level falls, the nominal value of household wealth falls.
The U. S. Postal Service historically has had a monopoly over the market for the delivery of first-class letters in the United States
a. True b. False Indicate whether the statement is true or false
Each of the following is a determinant of demand except a. tastes
b. production technology. c. expectations. d. the prices of related goods.