In perfect competition, each firm ________
A) can influence the price that it charges
B) produces as much as it can
C) is a price taker
D) faces a perfectly inelastic demand for its product
C
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Rank the following goods from least to most elastic: Christian books, religious books, the Bible
A) Christian books, religious books, the Bible B) Religious books, Christian books, the Bible C) The Bible, Christian books, religious books D) The Bible, religious books, Christian books E) None of the above.
In the table above, what is the equilibrium wage rate in an unregulated market?
A) $8.00 per hour B) $9.00 per hour C) $10.00 per hour D) $11.00 per hour
Which of the following is NOT a mechanism the HPAE used to share wealth across all layers of society?
A) significant investments in rural infrastructure B) free public education C) tax policies that strongly redistributed income from rich to poor D) land reform
The essence of good management is to determine whether a new practice adds
A) revenue. B) market share. C) customer satisfaction. D) value. E) costs.