Which of the following is true of the model of perfect competition?
a. There is a high degree of product differentiation.
b. Consumers do not have adequate information concerning the prices and quality of products in the market.
c. There are significant barriers to entry and exit.
d. There are only a few, large firms in the market.
e. An individual firm cannot affect the market price.
e
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What lessons from Latin American capital-market crises might have been useful to prevent, or at least minimize, the East Asian crisis?
What will be an ideal response?
In which of the following contracts is the agent's payment unaffected by his performance?
A) fixed-fee contract B) hire contract C) contingent contract D) sharing contract
Which of the following MOST accurately describes the federal budget between 1960 and 2007?
a. By the end of the period expenditures on health and income security were each greater than expenditures on defense. b. By the end of the period expenditures on health and income security were each lower than expenditures on defense. c. Defense, income security, and health all grew as a percentage of the federal budget. d. As a share of the federal budget expenditures on defense and health grew consistently throughout the period while expenditures on income security fell.
One reason that labor productivity has increased is because of embodied technical change.
Answer the following statement true (T) or false (F)