For a market to be characterized by perfect competition, there must be
A. indistinguishable products being sold.
B. freedom of entry and exit.
C. a large number of firms with no one able to influence price.
D. all of the options are correct.
Answer: D
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Refer to Figure 16-6. If Sensei acts as a monopolist and charges the profit-maximizing price, what is the consumer surplus received by his customers?
A) the area A + C + H B) the area A + B + C + D C) the area A + B D) the area A + B + C + D + E
China chooses to have ________ and ________ and therefore, cannot have free capital mobility at the same time
A) a fixed exchange rate; no control of monetary policy B) a fixed exchange rate; an independent monetary policy C) a flexible exchange rate; an independent monetary policy D) a flexible exchange rate; no control of monetary policy
When government revenues exceed government outlays in a particular year, this is called
A) a budget surplus. B) a budget deficit. C) the national debt. D) fiscal policy.
The fact that the aggregate demand curve slopes downward means that aggregate expenditures increase when the price level decreases
a. True b. False Indicate whether the statement is true or false