Which of the following are characteristics of a Perfectly Competitive Industry?
(a) Few buyers and sellers.
(b) Heterogeneous products.
(c) Homogeneous products.
(d) Barriers to entry and exit.
Answer: (c) Homogeneous products.
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The most numerous or plentiful firms in the United States are found in this form of business
A) partnership. B) proprietorship. C) monopoly. D) corporation.
Suppose you place $1,000 into a savings account that will pay you 4% interest per year. What will be the future value of the savings account in 10 years?
The persistent budget deficits of recent decades are
A) an expected result, because politicians have an incentive to levy taxes rather than spend on current programs. B) surprising, because politicians have a strong incentive to balance the government's budget. C) an expected result, because politicians have an incentive to spend on current programs financed by borrowing. D) surprising, because politicians have a strong incentive to run budget surpluses and thereby indicate that their actions have generated a profit.
Marginal Revenue Product with three units of labor would be
A. $960.
B. $540.
C. $420.
D. $340.