Which of the following pairs of characteristics would be consistent with imperfect competition?
a. Many buyers and sellers and no barriers to entry
b. Many buyers and sellers and a homogenous product
c. No barriers to entry and all buyers and sellers have perfect information
d. Many buyers and sellers and some barriers to entry
e. Many buyers and sellers and everyone has perfect information
D
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The quantity that sellers wish to sell tends to ________ as price increases, and so the supply curve is ________ sloping.
A. increase; upward B. decrease; downward C. decrease; upward D. increase; downward
PSD areas
a. must meet the same standards as do nonattainment areas b. face standards that are necessarily set at an efficient level c. are regions that meet or exceed national ambient air quality standards d. are likely associated with higher MSC than that of nonattainment areas
The following is an example of risk aversion
a. those applying for a well-paid job tend to be unqualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is the most qualified d. Initial Public Offerings (IPOs) seek investors when prospects look good
The recognition lag of stabilization policy represents
A. the time that it takes for policy makers to recognize a change in the economy. B. the time that it takes for the economy to adjust to the new conditions after a new policy is introduced. C. the time needed for the Federal Reserve Board to meet. D. the time that is necessary to put the desired policy into effect.