A competitive market is characterized by the Question 25 options:
A. presence of at least one broker or auctioneer, so that price fixing is possible.
B. existence of many buyers and sellers, so that no one can influence the price.
C. existence of a physical location where buyers and sellers meet.
D. presence of many different goods, so that there is never a shortage of goods to buy.
B. existence of many buyers and sellers, so that no one can influence the price.
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An assumption used in the quantity theory of money is that
A) velocity is constant. B) the money supply is constant. C) nominal Gross Domestic Product (GDP) is constant. D) the price level is constant.
The fair rules approach to fairness requires
A) that consumer surplus equal producer surplus. B) income transfers from rich to poor. C) property rights and voluntary exchange. D) that marginal cost equal marginal benefit. E) that consumer surplus exceed producer surplus because there are more consumers than producers.
If the federal government implements programs so that the unemployed are more quickly matched with jobs, then
A) the natural rate of unemployment will decrease. B) the natural rate of unemployment could either increase or decrease. C) the natural rate of unemployment will not change. D) the natural rate of unemployment will increase.
One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.