In a perfectly competitive industry we are likely to find
a. firms producing a wide variety of products
b. barriers to entry
c. no profit possible in the short run
d. firms that do not advertise
e. firms that can choose the price of their products
D
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If the dollar falls from 1.25 euros to 1.00 euro, then the dollar has ________ and the euro has ________
A) depreciated; depreciated B) depreciated; appreciated C) appreciated; appreciated D) shrunk; grown E) appreciated; depreciated
Suppose a bank has $3 million in excess reserves and total reserves of $10 million. A required reserve ratio of 10% is applicable to all deposits at the bank. What is the total amount of deposits at the bank?
a. $10 million b. $300 million c. $40 million d. $100 million e. $70 million
The adult population must equal the sum of the employed and the unemployed
a. True b. False Indicate whether the statement is true or false
which of the following best summarizes the importance of business failure and the central idea of "creative destruction in a market economy?"
What will be an ideal response?