The demand curve for each seller's product in perfect competition is horizontal at the market price because
A) each seller is too small to affect the market price.
B) the price is set by the government.
C) all the sellers get together and set the price.
D) all the demanders get together and set the price.
Answer: A
You might also like to view...
Pat earns $1,000 per week and spends $850 per week on living expenses, puts $50 in a savings account, and buys $100 worth of shares in a stock mutual fund. Pat's saving is ________, and Pat's saving rate is ________.
A. $150; 15% B. $50; 5.9% C. $50; 5.0% D. $100; 10%
If net foreign investment in the United States is positive, how must national saving and domestic investment be related? (Assume that the capital account is zero and net transfers are zero.)
A) Domestic investment can be greater than or less than national saving. B) Domestic investment must be greater than national saving. C) Domestic investment must be less than national saving. D) Domestic investment and national saving must also be positive.
Refer to the above figure. A movement from Point A to Point B is caused by
A) an increase in income. B) an expectation of a decrease in the price of the good in that figure. C) a decrease in the price of the good in that figure. D) all of the above.
The goods and services that count toward GDP are:
A. defined in terms of the location of production, not the citizenship of the producer. B. anything produced by a nation’s citizens, regardless of who owns it. C. citizens producing things no matter where they produce it. D. things like stocks and bonds issued by a corporation.