A perfectly competitive market is characterized by:
a. many buyers and sellers, a standardized product, and free entry and exit.
b. many buyers and sellers, a differentiated product, and free entry and exit.
c. many buyers and sellers, a standardized product, and barriers to entry and exit.
d. many buyers and few sellers, a standardized product, and barriers to entry and exit.
a
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Suppose market demand facing a monopolist is given by 
. Then the monopolist's marginal revenue curve (in the absence of price discrimination) is
A.
B.
C.
D.
E.
F.
There are very few gasoline stations in the downtown areas of large cities basically because
A) it would be too dangerous. B) it would be an inefficient use of land for the land's owners. C) most people don't want to buy gasoline while they are downtown. D) zoning laws prohibit it.
Consider a world of two countries producing only wheat and cloth. In one hour, residents of Country A can produce 1 unit of wheat and 0.5 unit of cloth, whereas residents of Country B can produce 0.3 unit of wheat and 0.4 unit of cloth
Country A should export A) wheat and cloth; country B should not export anything. B) wheat and country B should export cloth. C) nothing and country B should export both wheat and cloth. D) cloth and country B should export wheat.
In the long run, persistent inflation in the United States is caused by
A. rightward shifts in the long-run aggregate supply curve and the leftward shift of the aggregate demand curve. B. a faster rightward shift of the aggregate demand curve than the rightward shift of the long-run aggregate supply curve. C. leftward shifts in both the long-run aggregate supply curve and in the aggregate demand curve. D. leftward shifts in the aggregate demand curve while the position of the long-run supply curve is unchanged.