In a perfectly competitive market,
A. all firms produce and sell a standardized or undifferentiated product.
B. firms are price-setters.
C. the output sold by a particular firm may be quite different from the output sold by the other firms in the market.
D. it is difficult for new firms to enter the market due to barriers to entry.
Answer: A
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The principle that states that we should strive to achieve the greatest happiness for the greatest number is called
A) the big tradeoff. B) the symmetry principle. C) utilitarianism. D) efficiency.
Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.
Use the following table to determine which statement is true.YearSurplus or deficit (?) billions of dollars1946?15.919474.0194811.819490.91950?3.1
A. From 1945 to 1950, the debt rose by $2.3 billion. B. The budget deficit in 1950 was $2.3 billion. C. From 1946 to 1950, the U.S. debt was $2.3 billion. D. In 1950, the U.S. debt was $2.3 billion.
Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?
A) a decrease in the price of orange juice processing B) an increase in the cost of fertilizer used for orange groves C) a decrease in income, assuming orange juice is a normal good D) a decrease in the population