A perfectly competitive market is one in which:
A. fully informed, price-taking buyers and sellers easily trade a standardized good or service.
B. uninformed, price-making buyers and seller easily trade a standardized good or service.
C. uninformed, price-taking buyers and sellers easily trade a standardized good or service.
D. fully informed, price-making buyers and seller easily trade a standardized good or service.
Answer: A
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Which of the following statements is true?
A) Models help economists to explain the past, but do not help in predicting the future. B) The scientific method used by economists is based on idealism and not empiricism. C) Testing with data enables economists to distinguish between good models and bad models. D) Models that economists use are perfect replicas of reality.
Under the Bretton Woods system, the organization assigned the task of making loans to countries that were experiencing balance of payments difficulties is known as the
A) World Bank. B) International Development Association. C) International Monetary Fund. D) Federal Reserve System.
A contract between a bee keeper and an orchard farmer usually break because of the high cost of writing the contract
Indicate whether the statement is true or false
Refer to Table 10.1. The marginal product of the third unit of labor is:
A. 30. B. 50. C. 60. D. 160.