Which of the following is a component of a competitive market?
a. a buyer having significant market power
b. buyers boycotting similar products
c. sellers offering a wide variety of products
d. a seller having little market power
d. a seller having little market power
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Refer to Figure 11-4. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) B to A. B) E to B. C) B to C. D) A to C.
According to the concept of comparative advantage, a good should be produced in that nation in which
A. terms of trade are maximized. B. domestic opportunity cost is the smallest. C. money is used. D. domestic opportunity cost is greatest.
Refer to the information provided in Figure 7.9 below to answer the question(s) that follow. 
Figure 7.9Refer to Figure 7.9. The slope of isocost CD is
A. greater than the slope of isocost AB. B. less than the slope of isocost AB. C. equal to the slope of isocost AB. D. indeterminate from this information, as the prices of capital and labor are not given.
A firm faces the labor productivity and cost schedule in the table above. The wage rate schedule suggests that the firm:
A. Is purely competitive in the labor market
B. Is purely competitive in the product market
C. Has some monopoly power in the product market
D. Is not purely competitive in the labor market