The market demand curve in a perfectly competitive industry is horizontal, while the demand curve faced by an individual perfectly competitive firm is downward sloping
a. True
b. False
Indicate whether the statement is true or false
False
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In Figure 3-2, a move from a point like B to a point such as D
A. is not possible. B. can be attained with a more efficient allocation of resources. C. can be attained if there is an improvement in technology. D. can be attained if unused resources are put into production.
How long is it worthwhile to continue searching for a $20 bill that you lost if you value your time at $5 an hour?
A) About 2 hours if there is a fifty percent chance of finding it. B) About 4 hours, regardless of the probability of finding it. C) Only so long as you expect to find it within the next four hours, which could mean far more than four hours of searching. D) You cannot make a rational decision without first knowing whether you will find it. E) You should not search at all because the lost bill is a sunk cost.
If the dollar price of the English pound goes from $1.50 to $1.75, the dollar has
What will be an ideal response?
________ argued for a tax on consumption instead of on income because a tax on income discourages saving by taxing savings twice.
A. Irving Fisher B. John Rawls C. Thomas Hobbes D. Bill Clinton