In a competitive market, if buyers did not know all the prices charged by the many firms

A) all firms still face horizontal demand curves.
B) firms sell a differentiated product.
C) demand curves can be downward sloping for some or all firms.
D) the number of firms will most likely decrease.


C

Economics

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An annually balanced budget

A. is the same as a cyclically balanced budget. B. is opposed by many economists because it would require cutting spending and raising taxes during recession, which might very well produce a depression. C. requires a constitutional amendment. D. requires the Congress and the President to approve special legislation authorizing the balanced budget.

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Which of the following is NOT subject to a network effect?

A) the layout of the keys on your keyboard B) rotating your tires every six months C) listening to popular songs D) purchasing a new high-definition DVD player

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Which of the following assets is the most liquid in the United States?

A. U.S. currency B. U.S. Treasury bonds C. Alphabet stock shares D. an antique car

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