What are the characteristics of the perfectly competitive market?
What will be an ideal response?
The perfectly competitive market is characterized by a very large number of sellers, firms sell a standardized product, firms are price-takers, there are no barriers to entry and firms do not undertake any non-price competition.
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When looking at economic growth in a country, the distribution of output and income
A) is shared equally. B) is skewed toward the lowest quintile of the population. C) generally follows predictable patterns. D) is not taken into consideration.
Who made the campaign pledge, "Read my lips: no new taxes?"
A. Gerald Ford B. Second President Bush C. Ronald Reagan D. First President Bush
A decrease in the market clearing exchange value of the home nation's currency in terms of the currency of another nation is a home currency
A) appreciation. B) revaluation. C) depreciation. D) devaluation.
Compared to a sampling of other developed nations, the U.S. income distribution is more unequal than many others. What accounts for this?
A) The lowest-income families in the United States earn much less than the lowest-income households in other nations. B) Marginal income tax rates are much higher in the United States than in any other nation. C) The highest-income families in the United States earn much more than the highest-income households in other nations. D) Other nations manipulate their data to look better.