One of the defining characteristics of a perfectly competitive market is
a. both buyers and sellers are well informed about the market
b. a small number of buyers
c. high barriers to entry
d. a small number of buyers but a large number of sellers
e. buyers are better informed about the market than sellers
A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
The demand for xenite ore is fixed over time and is given as:
q = 40 - P where q is the number to tons of ore produced and P is the price per ton of xenite ore. The marginal extraction cost is $15 per ton and is also constant over time. The total quantity of the resource currently known to exist is 53.29 tons. The interest rate is 10 percent. Using the Hotelling rule for an exhaustible resource, complete the following table. Time Period Price Marginal Cost q Cumulative Production Today 15 1 Year 15 2 Years 15 3 Years 15 4 Years 15 5 Years 15 6 Years 15 7 Years 40.00 15 0 53.29
In the loanable funds market which of the following is true? a. Borrowers represent supply and government represents demand. b. Borrowers represent supply and banks represent demand
c. Banks represent supply and savers represent demand. d. Savers represent supply and borrowers represent demand.
What is the primary basis for determining the U.S. poverty line?
a. Buying power b. Unemployment rates c. State and federal tax rates d. Median family income