Which of the following is not a characteristic of a perfectly competitive market?
a. There is a large number of small firms.
b. Firms sell a homogeneous product.
c. Firms can easily enter or exit the market.
d. Firms are price makers, not price takers.
d
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Define horizontal differentiation
What will be an ideal response?
An economy with population 500 million has a research and development productivity of 0.0005, and its output per person has risen from one period to the next along its balanced growth path from 350 to 362.5
The fraction of this economy's population engaged in research and development is ________. A) 14% B) 2.5% C) 3.6% D) 10 %
If you put $2,000 in a saving account that earns 3% interest per year, what is the formula you should use to determine the account's future value in one year?
A) Future value = $2,000 × 0.03. B) Future value = $2,000 / 0.03. C) Future value = $2,000 / (1 + 0.03). D) Future value = $2,000 × (1 + 0.03).
Trade restrictions designed to benefit the import-competing industries will benefit the entire country.
Answer the following statement true (T) or false (F)