Perfect competition is the term used to describe
A. an industry in which all businessmen are honest and accommodating.
B. an industry in which numerous firms produce identical products.
C. an industry untouched by government regulation.
D. the kind of industry any American would support.
Answer: B
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Claudia's Copy Shop is deciding which 3-D printer to purchase, and it only has room for one printer
It can purchase the "Mini-Me" small-object printer, which would generate benefits of $50,000 at a cost of $5,000, or it can purchase the "Gargantuan" large-object printer which would generate benefits of $250,000 at a cost of $25,000. Based on these numbers, Claudia's Copy Shop should purchase A) the "Mini-Me" printer. B) the "Gargantuan" printer. C) either printer, since the cost of each is exactly 10 percent of the benefit from each. D) neither printer, since the cost of each is too high for a 3-D printer.
Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values $10, $20, $30, and $40 respectively. The expected value is:
a. $22 b. $24 c. $26 d. $28
Wages and prices are many times higher today than they were 30 years ago, yet people do not work a lot more hours or buy fewer goods. How can this be?
The Farley Farm, a dairy company, has total costs of $15,000 and total variable costs of $2,000. The Farley Farm's total fixed costs are
A) $0. B) $13,000. C) $17,000. D) indeterminate because the firm's output level is not known.