Which of the following correctly explains why sellers in a perfectly competitive market are price-takers?
a. There are few sellers, and so they easily agree to charge a uniform price to their customers.
b. There are many small sellers, and so the market process generates an equilibrium price that cannot be influenced by any one seller.
c. Sellers in a competitive market have the power to influence price by colluding with one another and using quotas to limit overall market output and thus raise price.
d. Individual buyers in a competitive market have the power to influence price, and thus can impose prices and other conditions on powerless sellers.
b
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When a specialized worker gains insights into a particular task that leads to better production methods, this is called
A) repetition. B) specialization. C) continuity. D) innovation.
Which of the following countries had the lowest GDP per capita in 2014?
A) Central African Republic B) Mexico C) France D) Argentina
__________ will change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels.
a. Supply b. Price levels c. Consumption d. Demand
As the unemployment rate rises,
A. real GDP also rises. B. nominal GDP rises. C. the employment rate rises. D. lost national output rises.