Because many good substitutes exist for a competitive firm's product, the demand curve that it faces is
a. unit-elastic.
b. perfectly inelastic.
c. perfectly elastic.
d. inelastic only over a certain region.
c
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The Aluminum Company of America (Alcoa) had a monopoly until the 1940s because
A) it had control of almost all the available supply of bauxite. B) it had a patent on the manufacture of aluminum. C) it was a public enterprise. D) the company had a secret technique for making aluminum from bauxite.
If the actual price level is above the expected price level, then workers' actual real wage will be below their expected real wage.
a. true b. false
An increase in demand will cause the equilibrium price and quantity to rise, ceteris paribus.
Answer the following statement true (T) or false (F)
The United States has a trade deficit when the value of the goods and services we import exceeds the value of the goods and services we export.
Answer the following statement true (T) or false (F)