An imperfectly competitive firm faces a demand curve that is ________, while a perfectly competitive firm faces a demand curve that is ________.
A. perfectly inelastic; downward sloping.
B. perfectly inelastic; perfectly elastic.
C. horizontal; downward sloping.
D. downward sloping; perfectly elastic.
Answer: D
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The above figures show the market for HD televisions. If more firms start to produce HD televisions , which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Which of the following policy actions could speed productivity growth?
I. Tax incentives to encourage saving II. Encouraging international trade III. Directing public funds toward financing basic research A) II only B) I and III C) I only D) I, II, and III
In a second-price auction, the winner pays
A) the second-to-last bid it made. B) the average of the top two bids. C) the amount bid by the runner-up. D) None of the above.
If the labor force grows at a faster rate than the number employed, the
a. unemployment rate will fall. b. unemployment rate will rise. c. labor force participation rate will fall. d. employment rate will rise.