Which of the following is closest to the economist's definition of perfect competition?
a. the airline industry
b. the soft drink industry
c. the fishing industry
d. cellular telephone service
c
You might also like to view...
The figure above shows a perfectly competitive firm. If the market price is $40 per unit, then the firm produces ________ units and makes an economic profit that is ________
A) more than 45; more than $400 B) 40; more than $400 C) 40; less than $400 D) 30; equal to zero E) 30; more than $250
The more ________, the larger is the amount of the tax on the good that the ________ pays
A) elastic the demand for a good; buyers B) inelastic the demand for a good; buyers C) inelastic the supply of a good; buyers D) elastic the supply of a good; sellers
The table below shows data (in millions) for Sun Trust Banks in September 2007 and September 2008
2007 2008 Loans $83 $78 Reserves $4 $5 Deposits $114 $95 The data show that Sun Trust A) increased its reserve ratio to 5.3 percent over the 12 months. B) increased its reserve ratio to 6.4 percent over the 12 months. C) has fewer excess reserves in 2008. D) faced a higher currency drain ratio in 2008.
Which would be a liability on a balance sheet of a commercial bank?
a. An outstanding commercial loan b. A U.S. Treasury bond c. A certificate of deposit issued by the bank d. Vault cash e. None of the above