Which of the following would be considered a perfectly competitive industry?
What will be an ideal response?
the soybean industry in which the product is uniform and there are many buyers and sellers
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Why are there superstar baseball players but no superstar chiropractors?
What will be an ideal response?
Which of the following characteristics apply to both monopoly and monopolistic competition? a. Marginal revenue exceeds marginal cost at equilibrium
b. Average revenue exceeds both marginal cost and marginal revenue at equilibrium. c. Marginal revenue exceeds average revenue at equilibrium. d. Marginal revenue and marginal cost are equal and exceed price at equilibrium.
Two ways to postpone diminishing returns are:
a. Increase labor and improve education. b. Increase all resources together and make the production process more efficient. c. Actually, there is no way to postpone diminishing returns. d. Keep the government budget balanced and increase the money supply at a rate that keeps inflation low (e.g., at 2% or whatever the national goal happens to be). e. Increase the quantity of capital.
If the firm were a perfect competitor in the long run, how much would its output be?
