Which is not an essential characteristic of a perfectly competitive market?
A. Goods are standardized.
B. Buyers have perfect information.
C. Goods from one seller cannot be distinguished from another's.
D. Firms have limited market power.
D. Firms have limited market power.
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A change in the price level produces a ________ the aggregate demand curve. i. shift in ii. change in the slope of iii. movement along
A) i only B) ii only C) iii only D) i and iii E) i and ii
Suppose that the slope of a line tangent to the total cost curve at point X is steeper than the slope of a line tangent to the total benefit curve at point X, then:
A. net benefit would be increased by reducing the amount of the activity. B. net benefit would be decreased by reducing the amount of the activity. C. net benefit would be increased by increasing the amount of the activity. D. net benefit is maximized.
The Federal Deposit Insurance Corporation (FDIC)
A. is used to avert bank panics. B. was set up in the 1930s. C. used the "too-big-to-fail" doctrine since the bailout of Continental Illinois. D. All of these statements are true.
Rent control leads to quantity supplied being ________ quantity demanded.
A. equal to B. greater than C. less than D. Either equal to or greater than is correct.