In a competitive market, if buyers did not know all the prices charged by the many firms,
A) all firms still face horizontal demand curves.
B) firms sell a differentiated product.
C) demand curves can be downward sloping for some or all firms.
D) the number of firms will most likely decrease.
C
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In 2013, which of the following countries had the highest negative current account balance?
a. United Kingdom b. France c. United States d. Japan
Which of the following macroeconomic variables is not in the equation of exchange?
a. GDP price index. b. Real GDP. c. Real exchange rate. d. Money supply. e. All of the above are part of the equation of exchange.
The average fixed cost (AFC) curve
A. Declines as long as output increases. B. Intersects the marginal cost curve at its minimum point. C. Is intersected at its minimum point by marginal cost. D. Is U-shaped as a result of diminishing returns.
The sum of current account surplus and capital account surplus is zero.
Answer the following statement true (T) or false (F)