Which of the following examples comes closest to a perfectly competitive market?
a. medical equipment producers
b. cleaning supplies manufacturers
c. agricultural commodities market
d. furniture suppliers
c. agricultural commodities market
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Use the following table to answer the next question. All figures in the table below are in billions of dollars. RGDPAggregate Expenditures (Closed Economy)ExportsImports$400$440$50$60450480506050052050605505605060600600506065064050607006805060If exports should decrease by $20 billion at each level of real GDP, other factors constant, then the equilibrium real GDP for the economy will be
A. $500 billion. B. $450 billion. C. $550 billion. D. $650 billion.
If the growth rate for GDP was 9 percent and GDP in year 1 was 100, then GDP in year 2 would be
A) 90. B) 109. C) 190. D) 199.
A differentiated product has
A) many perfect substitutes. B) no close substitutes. C) no substitutes of any kind. D) close but not perfect substitutes. E) many different complements.
You would expect that your firm is experiencing increasing returns to scale if
a. Long run average costs increase with output b. Long run average costs decrease with output c. Long run average costs are constant with respect to output d. None of the above