Which of the following examples most accurately reflects a perfectly competitive market?
a. The raspberry market has about 50 large producers.
b. The strawberry market has about 100 small producers.
c. The pear market has about 1,000 large producers.
d. The peach market has about 10,000 small producers.
d. The peach market has about 10,000 small producers.
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If a tax is imposed in a bargaining game, the players' cooperative surplus
A) increases. B) declines. C) remains unchanged. D) increases for one player and decreases for the other.
The predominant form of household debt is
A) consumer installment debt. B) collateralized debt. C) unsecured debt. D) unrestricted debt.
Where marginal cost is less than average cost,
A. opportunity cost must have been excluded from the calculation of marginal cost. B. marginal cost must be falling. C. marginal cost must be rising. D. marginal cost may be rising, falling, or constant.
_____ goods are rivalrous in consumption and nonexcludable
Fill in the blank(s) with the appropriate word(s).