If pure competition doesn't exist in the real world what is the implication for the shape of the demand curve that real-world firms would face?
What will be an ideal response?
If pure competition doesn't exist then real-world firms would actually face a downward-sloping demand for their product.
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Read the following statements and determine if they are true or false
I. According to the quantity theory of money, an increase in the growth rate of the quantity of money increases inflation in the long run. II. Historical and international data show that there is no correlation between inflation and money growth. A) I and II are both true. B) I and II are both false. C) I is true and II is false. D) I is false and II is true.
An adverse oil price increase will shift the short-run aggregate supply curve:
A) leftward. B) rightward. C) will not shift. D) none of the above.
The poverty income threshold in the United States was originally calculated by
A) multiplying a nutritionally adequate food plan for emergency use by 4. B) multiplying a nutritionally adequate food plan for emergency use by 2. C) multiplying a nutritionally adequate food plan for emergency use by 3. D) multiplying a nutritionally adequate food plan for emergency use by 5.
All other things constant, goods will have more __________ demand if their price uses up a __________ proportion of a consumer's budget
a. price-elastic; greater b. unit-elastic; smaller c. price-elastic; smaller d. price-inelastic; greater e. stable; greater