A firm in a perfectly competitive market has no control over price because
A. every firm's product is a perfect substitute for every other firm's product.
B. there is free entry and exit from the industry.
C. the market demand for products produced in perfectly competitive industries is perfectly elastic.
D. the government imposes price ceilings on the products produced in perfectly competitive industries.
Answer: A
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Firms can make decisions using marginal analysis even if they do not know the shape of a demand curve.
Answer the following statement true (T) or false (F)
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.
Which of the following are most likely to be in poverty?
a. Families headed by a male b. White males c. Disabled people d. Married couples e. People with a college degree
Consider the monopoly in the figure below with price regulated at $20 per unit. In this market, ________ units will be exchanged. 
A. 50 B. 42 C. 25 D. 10