A competitive market is characterized by the Question 6 options:
A. presence of at least one broker or auctioneer, so that price fixing is possible.
B. existence of many buyers and sellers, so that no one can influence the price.
C. existence of a physical location where buyers and sellers meet.
D. presence of many different goods, so that there is never a shortage of goods to buy.
B. existence of many buyers and sellers, so that no one can influence the price.
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Real GDP per capita is found by
A. dividing population by real GDP. B. subtracting population from real GDP. C. dividing real GDP by population. D. adding real GDP and population.
The long-run aggregate supply curve shifts right at the same time as
A) the Laffer curve shifts upward. B) the production possibilities curve shifts inward. C) the production possibilities curve shifts outward. D) the inflation rate increases.
Being poor in a family with children is sufficient qualification for receiving TANF support
Indicate whether the statement is true or false
Briefly describe what happens when a perfectly competitive firm increases the total quantity it supplies of a good