Individuals
A. are too small to matter in macroeconomic decision making.
B. need to participate in a democracy.
C. make up the government.
D. are too small to matter in macroeconomic decision making and need to participate in a
democracy.
E. need to participate in a democracy and make up the government.
E. need to participate in a democracy and make up the government.
You might also like to view...
When it takes one firm in an industry to produce the quantity necessary to realize low unit costs, the industry
A) experiences economies of scale. B) has barriers to entry due to ownership of resources. C) has no barrier to entry. D) has a license granted by the government.
In most markets, each consumer
a. faces the same money price and time price b. faces different money prices and different time prices c. faces the same money price but different time prices d. faces different money prices but the same time price e. has the same individual demand curve for the product
The exchange rate is $1 = 110 yen. If the price of a Japanese good is 37,500 yen, what is the approximate price of the good in dollars?
A) $29.45 B) $4,125,000 C) $294.49 D) $340.91 E) none of the above
Which of the following best summarizes why a firm in a purely competitive market is a price taker? A firm cannot change a(n) ________ price than the competitors because consumers could substitute with other perfectly identical products.