If a resource is purchased and sold in a perfectly competitive market:
a. there are a large number of resource suppliers and the resources are identical.
b. there is a single buyer of resource and the resources are identical.
c. there is a single buyer of resource and the resources are differentiated.
d. there are a large number of resource suppliers and the resources are differentiated.
e. there are a large number of resource suppliers and there is no entry or exit.
a
You might also like to view...
An expenditure schedule shows the relationship between GDP and total output
a. True b. False Indicate whether the statement is true or false
If a person must pay for all health-care expenses in excess of $1,000,000, this is called their
A. lifetime maximum. B. co-payment. C. maximum out-of-pocket. D. deductible.
If two variables are directly related, the relationship will have a graph that:
A. Is a straight line B. May either be upward-sloping or downward-sloping C. Is an upward-sloping line D. Is horizontal
A quota is
A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.