How much control over price do companies in a perfectly competitive market have?
(A) Total control
(B) Very little
(C) Some
(D) None
Ans: (D) None
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If a lender checks credit reports on individuals before mailing out loan offers, it is most likely trying to avoid
A) moral hazard. B) moral dilemma. C) adverse selection. D) adverse reaction.
If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1, what is the average fixed cost for the 1000 widgets?
A) $2 B) $1.50 C) $1 D) $0.50
Exceptions to the prohibition against cartels exist for which of the following?
a. ocean shipping rates b. various agricultural products such as milk and oranges c. transoceanic airline routes d. cardboard box manufacturers e. a through c f. a through d
Which of the following is not included in the current account?
A. exports of goods B. imports of goods C. U.S. capital inflow and outflow D. unilateral transfers