Which of the following is not a characteristic of perfectly competitive markets?
A. Long-run economic profits
B. Identical products
C. Many sellers
D. Free entry and exit
A. Long-run economic profits
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Barter requires the
A) exchange of goods and services directly for other goods and services. B) use of fiat money as a medium of exchange. C) use of commodity money as a medium of payment. D) the triple non-coincidence of wants. E) use of money as a unit of account.
Which of the following is associated with peaks in the business cycle? a. Relatively high levels of unemployment. b. Recessions
c. Relatively low levels of unemployment. d. Both answers a. and b. above are correct.
Assume that the current price of a market basket of goods is $5,000 and the base year price of the same market basket is $4,000. The current price index is
A. 125. B. 400. C. 2500. D. 200.
What is it called when the price paid for a variable input is less than its marginal revenue product?
A. bilateral monopoly B. monopolistic exploitation C. featherbedding D. monopsonistic exploitation