Which of the following best resembles a perfectly competitive market?
a. a stock market
b. the book publishing industry
c. the steel industry
d. the used car industry
a
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A firm in a perfectly competitive market faces a demand curve that is
a. perfectly elastic. b. relatively elastic. c. perfectly inelastic. d. relatively inelastic.
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where L = lionfish population and P = price of a fishing license, and the demand for fishing
licenses is Qd = 1400 – 60P. What is the equilibrium price and quantity of fishing licenses when L = 1,000? A) P = $8.5, Q = 890 B) P = $13, Q = 620 C) P = $13.5, Q = 590 D) P = $13.5, Q = 591
What are externalities and why is Ronald Coase an important figure in economics?
What will be an ideal response?
Refer to the graph below for a purely competitive firm operating at a loss in the short run. Which area in the graph represents the amount of economic loss for the firm?
A. 0beg
B. bcde
C. acdf
D. abef