Which of the following markets most closely resembles the characteristics of a perfectly competitive market?
A. The cable television industry
B. The fast food restaurant industry
C. The steel industry
D. Hot dog vendors on city streets
Answer: D
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Refer to Figure 4-2. What area represents producer surplus at a price of P2?
A) A + B B) B + D C) A + B + C + D + E D) A + B + C
If a pair-wise majority vote was held and the voters' preferences are shown in the table, assuming public parks and transportation was the first pair to be voted on, which voter will be happiest with the outcome?
A. Abby
B. Carlo
C. Bob
D. Bob and Carlo will be equally happy.
Which of the following statements most likely lies within the realm of microeconomics? a. Unemployment rises during a recession and falls during an expansion
b. A rapid acceleration of the supply of money may create inflation. c. An increase in government spending will increase the aggregate demand for goods and services in the economy. d. An increase in labor costs will increase the additional cost of producing another airplane.
The aggregate supply curve is
a. the sum of all individual firms' supply curves. b. vertical in the short run. c. downward sloping in the short run. d. upward sloping in the short run. e. upward sloping both in the short run and the long run.