In a perfectly competitive market, there are ________ buyers and ________ sellers
A) many; few
B) few; many
C) many; many
D) few; few
Answer: C
You might also like to view...
Mortgage lenders often resell mortgages in secondary markets. How might this make lenders act differently than if they intended to hold the mortgages themselves?
What will be an ideal response?
Which movement between two points represents economic growth?
A. J to K
B. K to L
C. L to M
D. M to N
Carmen listens to opera music every evening when she gets home from work. Carmen loves listening to opera, but her neighbor Paul, who can also hear the music, hates it. If Paul is the only person besides Carmen who can hear the music, then Carmen's music generates:
A. neither a positive nor a negative externality. B. a positive externality. C. a negative externality. D. both a positive and a negative externality.
Given scarce resources, how societies go about deciding what to produce, how to produce it, and for whom to produce best describes
A. the economic problem. B. the fallacy of composition. C. decreasing opportunity costs. D. Ockham's razor.