Perfectly competitive markets are characterized by:
a. a small number of very large producers.
b. very strong barriers to entry and exit.
c. firms selling a homogeneous product.
d. all of these.
c
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The demand for oranges increases while the supply decreases. The equilibrium price of oranges ________, and the equilibrium quantity ________
A) rises; decreases B) falls; perhaps changes but we can't say if it increases, decreases, or stays the same C) falls; increases D) does not change; perhaps changes but we can't say if it increases, decreases, or stays the same E) rises; perhaps changes but we can't say if it increases, decreases, or stays the same
Banks can continue to make loans until their
A) actual reserves equal their excess reserves. B) excess reserves equal their required reserves. C) actual reserves equal their required reserves. D) actual reserves equal their checking account balances.
The Federal Open Market Committee consists of:
a. the 12-member Board of Governors. b. seven members of the Board of Governors and five district presidents. c. the president of the New York district bank and the members of the Council of Economic Advisers. d. the chairman of the Board of Governors and five district presidents. e. seven members of the Board of Governors and a nine-member board of directors of the district banks.
What matters to people is the face value of money or income.
Answer the following statement true (T) or false (F)