Which of the following is NOT a characteristic of perfect competition?
A. differentiated products
B. price taking by each firm
C. large number of buyers and sellers
D. easy entry and exit into the market
Answer: A
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As compared to the basic Nash-Cournot equilibrium for duopolists where the firms face the same market demand curve and have identical costs, in the situation where the firms produce products which are viewed by consumers as not being identical,
A) there will generally be different prices charged by the two firms. B) there will generally be different quantities produced by the two firms. C) one or both of the firms may practice spurious differentiation. D) All of the above.
Which of the following correctly defines a budget constraint?
a. A model that economists use for illustrating the choices that individuals face in a situation of scarcity b. A model that shows the level of satisfaction or pleasure that people receive from their choices c. A model that shows the combinations of output that an economy can produce, given a level of technology d. A model that represents the allocation that society most desires
Which of the following is a test for serial correlation in the error terms?
A. Johansen test B. Dickey Fuller test C. Durbin Watson test D. White test
The unemployment rate reported by the Bureau of Labor Statistics includes all of the following type of unemployment with the exception of
A. cyclical unemployment. B. structural unemployment. C. frictional unemployment. D. hidden unemployment.