Perfectly competitive firms are called price takers because they have ______ control over prices.
a. no
b. some
c. considerable
d. complete
a. no
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The self-interest model of government:
a. suggests that government officials are selfish. b. explains why there are limits on government taxation and spending. c. shows who some government projects take place even if the cost exceeds the benefits. d. All of the above.
Which of the following about economic growth is true?
a. The fastest growing economies in the world are mostly less developed countries. b. The fastest growing economies in the world (those with annual real growth rates of 3.5 percent or more) are mostly high-income industrial countries. c. The slowest growing countries in the world, many of which are experiencing declines in per capita GDP, are less developed countries. d. Both a and c are true.
The following table lists the utility that Steve receives from consuming oranges at $0.50 apiece. What is the marginal utility of increasing consumption from two to three oranges?Number of orangesTotal utility001429315420524
A. 5 B. 3 C. 12 D. 6
Which of the following is NOT a reason why some industries are oligopolies?
A) economies of scale B) barriers to entry C) independence in pricing behavior D) mergers