In a perfectly competitive market, individual consumers have _____.
(A) Less influence than producers concerning prices.
(B) No influence over determining price.
(C) More influence than producers concerning prices.
(D) More influence than consumers in other market structures.
Ans: (B) No influence over determining price.
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The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.
If people base their spending decisions more on permanent income than current income, then: a. consumption spending will be more responsive to a temporary change in income than a change in permanent income. b. shifts in aggregate supply will be less predictable than if spending was based on current income
c. consumption spending will fluctuate more widely than if such spending was determined by current income. d. shifts in short-run aggregate supply will be more predictable than if spending was based on current income. e. attempts to fine-tune the economy with temporary tax rate adjustments will be less effective.
If an individual or family began at age 25 paying funds into a tax-free investment account or pension earning a 7 percent real return, how much would they have to save annually in order for the funds to be worth a million dollars (measured in the purchasing power of today's dollar) when they reach age 65?
a. approximately $5,000 annually b. approximately $10,000 annually c. approximately $20,000 annually d. approximately $50,000 annually
The manager of a firm operating in a competitive market can ignore sunk costs when making business decisions
a. True b. False Indicate whether the statement is true or false