Perfect competition exists in a market if
A) there are many firms producing an identical product.
B) there are many firms producing a similar product, each of which may have unique features.
C) the firm is protected by a barrier to entry.
D) the firm is always at the break-even point where it is earning only a normal profit.
A
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Refer to the table above. What is the average (mean) monthly wage?
A) $450 B) $558 C) $612 D) $650
Imposing a tariff brings about: a. higher prices and revenues to domestic producers. b. lower sales and revenues to foreign producers
c. higher prices to domestic consumers. d. all of the above
Which of the following distinguishes corporations from the other forms of business organization?
a. Corporations can issue stock. b. Corporations are permitted to operate in other countries. c. Corporations can produce more than one product. d. Corporations can offer both products and services. e. Corporations are subject to unlimited liability.
Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to:
A. decrease the equilibrium price and quantity of diesel cars. B. increase the equilibrium price and quantity of diesel cars. C. decrease the equilibrium price and increase the equilibrium quantity of diesel cars. D. increase the equilibrium price and decrease the equilibrium quantity of diesel cars.