In a perfectly competitive market,
A) firms can freely enter and exit.
B) firms sell a differentiated product.
C) transaction costs are high.
D) All of the above.
A
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Why do many people choose to not read the manuals included with their new computer?
A) They perceive that learning by doing decreases costs faster than learning by reading. B) They perceive that learning by doing is more enjoyable than learning by reading. C) They perceive that learning by reading is not sophisticated. D) They perceive that learning by doing is better than learning by reading.
Refer to Scenario 2.1. What is the equilibrium quantity of books sold?
A) 25 B) 50 C) 75 D) 100 E) none of the above
Which of the following events occurred during the 2000 to 2003 time-frame and had an important impact on the deficit/surplus projections?
A. The decrease in unemployment rates from 2002 to 2003 B. The increase in inflation rates from 2000 to 2002 C. The recession of 2001 D. The increase in interest rates from 2001 to 2003
An action that is the best choice under all conditions is known as the
A. prisoner's dilemma. B. dominant strategy. C. tit-for-tat strategy. D. profit-maximizing strategy.