If a competitive market operates perfectly, it relies on
A) the number of people buying goods.
B) the laws of supply and demand.
C) how much people are willing to pay for the products.
D) how many products can be produced for sale.
B
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Answer the following statement(s) true (T) or false (F)
1. When a game has more than one Nash equilibrium, it is unlikely that a stable equilibrium will ever be reached. 2. The copycat game does not have a pure strategy Nash Equilibrium. 3. When mixed strategies are allowed, the Copycat Game does have a Nash equilibrium. 4. Nash equilibrium is a normative concept. 5. For an outcome to be Pareto optimal, the players' total payoff must be as large as possible.
From 1960 to 2012
A) the U.S. economy roughly tripled in size. B) U.S. imports roughly tripled in size. C) the share of US Trade in the global economy roughly tripled in size. D) U.S. Imports roughly tripled as compared to U.S. exports. E) U.S. exports roughly tripled in size.
Which of the following statements concerning seasonal credit is true?
A) It tends to have a lower interest rate than federal funds. B) It has become increasingly more important in recent years. C) Only firms receiving secondary credit are eligible to receive seasonal credit. D) Improvements in credit markets have reduced the need for a seasonal credit facility.
The marginal rate of technical substitution is equal to the
A) slope of the total product curve. B) change in output minus the change in labor. C) change in output divided by the change in labor. D) ratio of the marginal products of the inputs.