When firms are said to be price takers, it implies that if a firm raises its price,
a. buyers will go elsewhere.
b. buyers will pay the higher price in the short run.
c. competitors will also raise their prices.
d. firms in the industry will exercise market power.
a
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In which of the following market types do all firms sell products so identical that buyers do not care from which firm they buy?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
In economics, the term "equity" means
A) economic benefits are distributed fairly. B) everyone has an equal standard of living. C) the hardest working individuals consume all they want. D) only elected officials have high standards of living.
Which of the following describes a natural monopoly?
a. When economies of scale are large relative to size of market b. Created by the government through patents, copyrights c. When one firm has control of a physical resource d. When one firm pursues predatory pricing
By 2030, the number of workers per Social Security beneficiary will be approximately
a. two. b. three. c. four. d. six.