Which of the following best illustrates perfect competition?
A. wheat farming
B. orange growers setting quotas under the Sunkist cooperative
C. General Motors advertising campaign for its cars
D. Coca-Cola and Pepsi battling for market share
Answer: A
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Michigan Radio is the state's most listened-to public radio service, attracting approximately 400,000 listeners each week. The on-air fundraiser, which ran during October 2010, generated over 7400 pledges from donors
The money raised helps pay for programming costs at the station, with membership support being the single largest source of income. The 392,600 listeners who did not call and donate can be classified as what? A) free riders B) marginal beneficiaries C) rival consumers D) rationally ignorant
Refer to Figure 4-3. If the market price is $3.50, what is the maximum number of ice cream cones that Kendra will buy?
A) 1 B) 2 C) 3 D) 4
In general, the optimal taxation literature finds that a society can maximize social welfare through income redistribution
a. True b. False
Which of the following statements best describes the reaction of the private sector to government budget deficits and surpluses?
a. In practice, the private sector only sometimes adjusts its savings behavior to offset government budget deficits and surpluses. b. In practice, the private sector only partially adjusts its savings behavior to offset government budget deficits and surpluses. c. In practice, the private sector only sometimes and partially adjusts its savings behavior to offset government budget deficits and surpluses. d. In practice, the private sector does not adjust its savings behavior to offset government budget deficits and surpluses.