The industry that comes closest to perfect competition is
A. clothing.
B. the airlines.
C. wheat-growing.
D. steel.
C. wheat-growing.
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A restaurant charges its customers 12% of the total food price as tax. This is an example of a ________ tax
A) payroll B) wealth C) property D) sales
Gross Domestic Product in 2013 was almost five times larger than it was in 1960 but it is important to note that
a. none of the growth represented more output. b. measurement of output omitted any effect of inflation. c. the population grew substantially over the same time period. d. graphs of output were unable to display such growth.
GDP ignores all of the following EXCEPT:
A. household production. B. the value of leisure time. C. products produced in other countries that are sold in the United States. D. changes in the environment that occur in the production of output.
According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
A. $12 gets transferred from consumer surplus to producer surplus. B. area E is lost producer surplus due to fewer transactions taking place. C. area C is lost consumer surplus due to fewer transactions taking place. D. All of these are true.