Summarize the characteristics of a perfectly competitive market
What will be an ideal response?
A perfectly competitive firm produces a product that is identical to that of its competitors, the number of competitors is large and each individual producer is small relative to the market, there is ease of entry into the market, and market participants have perfect information. Perfectly competitive firms are price takers.
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Using the data in the above table, what is the value of national saving?
A) $1,202 billion B) $2,837 billion C) $1,053 billion D) -$85 billion
How did the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 affect the Fed's
What will be an ideal response?
At the profit-maximizing level of output,
a. marginal revenue equals average total cost. b. marginal revenue equals average variable cost. c. marginal revenue equals marginal cost. d. average revenue equals average total cost.
The national debt is owed to which of the following?
a. The Federal Reserve system b. Investors who buy U.S. Treasury bills, bonds, and notes c. Federal government workers d. Taxpayers