The market for toothpaste is a good example of perfect competition.
Answer the following statement true (T) or false (F)
False
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Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her total cost?
A) $120 B) $140 C) $180 D) $60
Which of the following characteristics does not fit a perfectly competitive market?
A. Numerous small firms B. Identical products produced by all firms in the market C. Each individual firm has a small amount of control over the market price D. Ease of entry and exit from the market
A public good, such as a community's emergency warning sirens, typically
a. imposes benefits on only a few individuals but imposes costs on many people b. imposes both benefits and costs on relatively few individuals c. imposes benefits on many individuals but imposes the costs on relatively few people d. imposes both benefits and costs on many individuals e. only imposes costs on individuals when logrolling is prevalent in the government
How does the labor force participation rate of women compare to that of men in the United States?
A. The labor force participation rates between the two groups is about the same. B. Women participate less than men when young (20-34 years old) but at the same rate as men in later years (35-54 years old). C. Men participate less than women at all ages. D. Men participate less than women when young (20-34 years old) but at the same rate as women in later years (35-54 years old). E. Women participate less than men at all ages.