Which of the following is/are NOT a characteristic of a perfectly competitive market?
A. a small number of firms in a market
B. selling a standardized product
C. no barriers to entry
D. an individual firm having no control over price
Answer: A
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Pam is determined to lose 10 pounds and plans to adhere to a strict diet. But at the coffee break, she sees tray of glazed donuts and can't resist. She forgoes the plain bagel and devours a donut. Both the donut and bagel are priced at $0.50 . When her office mates tease her, she says matter-of-factly that
a. the MU/P of donuts is higher than that of the bagel, and that's that! b. the MU/P of bagels is higher than that of the donut, and that's that! c. the consumer surplus associated with bagels was higher than it was for donuts, making donuts more attractive d. when it comes to food, she's irrational e. the MU of losing 10 pounds is less than the MU of eating one donut.
Third parties can be unintentionally affected by the market activity of others
Indicate whether the statement is true or false
If the MPC is 0.60 and disposable income increases from $20,000 billion to $22,000 billion, consumption will increase by
A. $1,200 billion. B. $600 billion. C. $2,000 billion. D. $800 billion.
Suppose an economy’s real GDP is $100,000 in year 1 and $110,000 in year 2. What is the growth rate of its GDP? Assume that population was 200 in year 1 and 205 in year 2. What is the growth rate in GDP per capital?
What will be an ideal response?