When compared to monopoly and monopolistic competition, the perfectly competitive market structure
a. has somewhat higher barriers to entry
b. produces the lowest output at the lowest prices
c. is the least efficient
d. gives the greatest output at the lowest prices
e. earns the highest normal profit
D
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Most of the growth in plastic card use has been in
A) credit cards. B) debit cards. C) online purchases. D) electronic transfer.
Exhibit 4-3 Supply and demand curves
Beginning from an equilibrium at point E2 in Exhibit 4-3, an increase in demand for good X, other things being equal, would move the equilibrium point to:
A. E1. B. E2. C. E3. D. E4.
Investment, as defined by economists, would not include which of the following? Ford
A) buys a new robotic machine (from a plant in Ohio) to assemble cars. B) adds 1,000 new cars to inventories. C) builds another assembly plant in the United States. D) buys U.S. government bonds.
The perfectly competitive firm's total revenue curve
A. has a constant slope. B. has a positive slope. C. is linear and upward sloping. D. all of these.