Economists study perfect competition
a. because many markets are perfectly competitive.
b. for its descriptive realism.
c. to establish a benchmark by which to measure the performance of the economy.
d. All of the above are correct.
c
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In the United States the assignment of tasks and distribution of benefits
A) is determined by business firms. B) is determined democratically. C) is negotiated among potential buyers and potential sellers. D) leaves all parties free to do as they prefer. E) rests upon the principle of consumer sovereignty.
An increase in wages in the public sector is always accompanied by an increase in labor productivity
a. True b. False Indicate whether the statement is true or false
Fire protection and police protection may be provided more efficiently by the private sector than by the public sector.
Answer the following statement true (T) or false (F)
Systemic income inequality peaked at the time of the tech boom in the ________ and peaked again just ________.
A. 1960s; after the financial crisis B. 1970s; prior to the financial crisis C. 1970s. after the financial crisis D. 1990s; prior to the financial crisis