For a market to be considered perfectly competitive, there should be a minimum of 1,000 firms
Indicate whether the statement is true or false
F
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Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents total income?
A) Arrow A B) Arrow B C) Arrow C D) Arrow D
In Figure 15-2 above, the difference between consumption levels at point A and point B is equal to
A) the long run MPC times the change in disposable income. B) the short run MPC times the change in disposable income. C) (Y0 - Y2 ) times the short run change in income. D) the long run change in income times (Y0 - YP).
Autonomous consumption
A) is the same as the break-even point. B) gives the amount a person changes planned consumption for a change in real disposable income. C) is the amount of consumption that is independent of the level of disposable income. D) is the proportion of total disposable income that is consumed.
GDP includes the value of all
a. final goods and services produced within a country using primarily market prices to measure the value of goods and services. b. final goods and services produced within a country using primarily a survey of consumers to measure the value of goods and services. c. goods and services produced within a country using primarily market prices to measure the value of goods and services. d. goods and services produced within a country using primarily a survey of consumers to measure the value of goods and services.