A perfectly competitive firm is a price taker. Therefore, it faces a
a. perfectly elastic supply curve for its output
b. perfectly elastic demand curve for its output
c. perfectly inelastic supply curve for its output
d. perfectly inelastic demand curve for its output
e. unit-elastic demand curve for its output
B
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The real return on bonds is
A) 0. B) r. C) R. D) i.
SNAP (food stamps) and Medicaid are examples of:
a. money transfers b. resource earnings c. in-kind transfers d. tax expenditures
The quantity of goods and services that firms produce and sell at each price level is shown on the
a) aggregate-services curve. b) market-supply curve. c) aggregate-demand curve. d) aggregate-supply curve.
(Consider This) Which of the following is an example of economic investment?
A. Volvo buys an old factory building from General Motors. B. Nike buys a new machine that increases shoe production. C. Bill Gates buys shares of stock in IBM. D. Warren Buffet buys U.S. savings bonds.