Perfect competition is characterized by many firms and no barriers to entry.
Answer the following statement true (T) or false (F)
True
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In the figure above, what happens if the Fed increases the quantity of money by 8 percent?
A) The interest rate rises to 1.08. B) The value of money rises to 1.08. C) The value of money falls to 0.92 and there is a movement downward along the LRMD. D) The LRMD curve shifts rightward to restore equilibrium. E) The price level falls to 1.08.
The intangible costs associated with reduced quality of life include
a. Pain and suffering b. Lost productivity at work c. The cost of home remodeling to accommodate a physical handicap d. Potential income lost due to premature death e. All of the above are intangible costs
The price elasticity of demand measures the responsiveness of
A) supply to demand changes. B) equilibrium changes. C) quantity demanded to changes in the price. D) demand to supply changes. E) the price to changes in quantity demanded.
Today, in the United States, exports are about
A) 90 percent of GDP. B) 12 percent of GDP. C) 28 percent of GDP. D) 4 percent of GDP.