Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. What makes the wireless telephone market in Pakistan perfectly competitive?
A. There are many buyers and many sellers
B. Any entrepreneur who invests $310 can enter the market.
C. Wireless phone calls are a standardized product.
D. All of these are correct.
Answer: D
You might also like to view...
Every subgame perfect equilibrium is a Nash equilibrium but not every Nash equilibrium is a subgame perfect equilibrium.
Answer the following statement true (T) or false (F)
Ambassador Bank has $5 million in deposits and $750,000 in reserves, with a reserve requirement ratio of 15 percent. If the Fed lowers the reserve requirement ratio to 12 percent, Ambassador Bank’s new excess reserves could potentially expand the money supply by ______.
a. $1,000,000 b. $150,000 c. $1,250,000 d. $250,000
Based on the graph above, what is the difference between the purely competitive equilibrium level of output and the pure monopolist equilibrium level of output?
A. 20 units of output B. 90 units of output C. 5 units of output D. 70 units of output
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the level of output that would maximize its profits?
A. 2,000 B. 2,400 C. 2,800 D. 3,200