The market demand curve for a perfectly competitive industry is
a. perfectly horizontal
b. perfectly vertical
c. upward sloping
d. downward sloping
e. nonexistent in perfect competition
D
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A competitive equilibrium is not Pareto efficient if some members of society are unable to afford a necessary good
Indicate whether the statement is true or false
Refer to the above figure. Profits for this firm are negative
A) only for all points less than B. B) only at points B and C. C) for points between B and C. D) for all points less than B and greater than C.
Holding other things constant, if the Japanese Yen, depreciates, it makes the Japanese products
a. Less attractive to US customers b. More attractive to US customers c. Neither more nor less attractive to US customers d. None of the above
The higher the transaction cost of an exchange, the lower the probability of the exchange taking place between the buyer and the seller
Indicate whether the statement is true or false