In a perfectly competitive market, one farmer's barley is
A) completely different from another farmer's barley.
B) a perfect substitute for another farmer's barley.
C) a monopolized product in that farmer's local market.
D) a monopolized product in the national market.
E) slightly different from another farmer's barley.
B
You might also like to view...
The following table displays the marks obtained by three students on an economics test
Student Marks Obtained (out of 100) Mary 78 Charles 83 Tony 65 a) Calculate the mean marks obtained by the three students. b) Suppose one of the scores was reported incorrectly. Charles scored 38 instead of 83. How will the mean change if the correction is incorporated? c) How does the amount of data used affect the accuracy of a model?
A line that represents combinations of two goods that a consumer can purchase with a fixed income and given price for each good is called the:
a. indifference curve. b. demand curve. c. budget line. d. money line.
The specificfactors model predicts that after immigration, the equilibrium wage in both industries in the destination nation:
a. rises. b. falls. c. remains the same. d. cannot be determined with the information given
Shows on broadcast TV, like ABC or NBC, are ________ and shows on cable TV, like MTV or HBO, are ________.
A. nonexcludable; excludable B. excludable; nonexcludable C. rival; nonrival D. nonrival; nonexcludable