Which of the following is not a characteristic of a perfectly competitive market
a. buyers and sellers are well informed about the market
b. standardized product
c. many buyers and few sellers
d. easy exit out of the industry
e. easy entry into the industry
C
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
A firm in a perfectly competitive industry
a. is unaffected by the entrance of new firms into the industry, since entering firms affect only the prices they themselves receive. b. always produces more output in the long run than in the short run. c. may choose a different output in the long run than in the short run. d. earns economic profit in the long run but not in the short run.
An action at which it is possible to change the activity level in only one direction is called:
A. an interior action. B. a boundary action. C. a limited action. D. a marginal action.
The productivity growth rates of richer countries tend to be ____ than those of poorer countries.
A. higher B. lower C. increasing faster D. decreasing faster