A competitive price-searcher market is best described as
a. many firms with some control over price, and some product differentiation.
b. many firms with no control over price, producing identical products.
c. a few firms with some control over price, producing highly differentiated products.
d. a few firms with no control over price, producing similar products.
e. a single firm producing all of the output for the industry, with strong control over price.
A
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Insurance can be profitable when it
A) eliminates risks. B) decreases risks. C) pools risks. D) changes the individual's marginal utility of wealth.
In perfectly competitive markets, firms operate where MC = MR and because of this, they are not making any economic profit.
Answer the following statement true (T) or false (F)
If the Chinese currency devalues compared to the US dollar, then
a. US producers will benefit; Chinese consumers will benefit b. US producers will benefit; Chinese consumers will hurt c. US producers will hurt; Chinese consumers will benefit d. US producers will hurt; Chinese consumers will hurt
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