The perfectly competitive firm cannot influence the market price because
A. its production is too small to affect the market.
B. its costs are too high.
C. it has market power.
D. a few buyers have control over the market price.
Answer: A
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A slowdown in labor productivity causes a slowdown in economic growth when all else is held constant
Indicate whether the statement is true or false
Economies of scale are indicated by
A) declining long-run AVC. B) declining long-run AFC. C) declining long-run AC. D) declining long-run TC.
In recent decades, the union-nonunion hourly wage differential has
A) increased substantially. B) increased slightly. C) stayed the same. D) fallen significantly.
Explain the impact that growth rates have on countries, both rich and poor, over time. Select three countries from Exhibit 3 and calculate to a tenth of a year how many years it will take their economies to double, assuming their growth rates remain constant.
What will be an ideal response?