A perfectly competitive firm has to charge the same price as every other firm in the market. Therefore, the firm
A) faces a perfectly elastic supply curve. B) is not able to make a profit in the short run.
C) faces a perfectly inelastic demand curve. D) is a price taker.
D
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In the context of the production possibilities curve, opportunity cost is measured in:
a. dollars paid for the goods. b. the quantity of other goods given up. c. the value of the resources used. d. changing technology. e. units of satisfaction.
During an economic downturn, it is relatively ________ for the government to make investments in infrastructure.
A. inexpensive B. inefficient C. risky D. expensive
Adverse possession, eminent domain, & escheat are all examples of ___________ alienation
Fill in the blank(s) with the appropriate word(s).
All of the following industry types have market power except
A. oligopoly. B. monopoly. C. monopolistic competition. D. perfect competition.