Which of the following examples is characteristic of a perfectly competitive market?
a. The green beans grown in Oregon have a higher market price than the ones grown in California.
b. Some of the green beans grown in Oregon are better than the ones grown in California.
c. All the green beans grown in Oregon are better than the ones grown in California.
d. The green beans grown in Oregon have the same quality as the ones grown in California.
d. The green beans grown in Oregon have the same quality as the ones grown in California.
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Refer to the figure above. If the monopolist faces a constant marginal cost of $6, at what price should it sell its output to maximize profits?
A) $2 B) $6 C) $10 D) $12
Featherbedding allows unions to increase wages by:
a. limiting the supply of labor. b. increasing firms' demand for labor. c. forcing firms to accept higher-than-equilibrium wages. d. reducing labor share of payroll taxes.
The international unit of accounting used by the International Monetary Fund (IMF) is called
A. special drawing rights. B. the IMF dollar. C. the quota subscription. D. the Eurodollar.
If the demand for money depends on the ________ and the velocity is not constant, then the quantity theory of money ________.
A. level of GDP; still holds B. level of GDP; does not hold C. interest rate; does not hold D. interest rate; still holds