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
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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
In the above figure, what is the AVERAGE variable cost of producing 5 units of output?
A. $20 B. $80 C. $60 D. $12 E. $40
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.
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