Which of the following markets comes closes to the model of perfect competition?
A) automobile industry
B) information technology industry
C) aerospace industry
D) agriculture
D
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Refer to the scenario above. The opportunity cost of producing one pound of oranges in Zeta is:
A) 1 pound of apples. B) 0.33 pounds of apples. C) 0.5 pounds of apples. D) 2 pounds of apples.
In the long run, a perfectly competitive firm will exit a market when
A) its total revenue is less than its total cost. B) its marginal revenue curve is below the minimum of its average total cost curve. C) the price is greater than the minimum of its average total cost curve. D) Both answers A and B are correct.
In a modern mixed economy, who decides what goods and services will be produced?
A) only the producers B) only the government C) only consumers D) all of the above
The law of demand states that
a. quantity demanded is inversely related to price b. quantity demanded is directly related to income c. marginal utility is inversely related to quantity consumed d. total revenue is directly related to price e. demand curves are linear