In perfect competition,
a. there are typically two or three equally powerful firms
b. a large number of sellers offer a differentiated product
c. the firm is a price taker
d. marginal revenue cannot be calculated because the firm's demand is perfectly elastic
e. the market demand and the firm's demand are perfectly elastic
C
You might also like to view...
Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
The U.S. federal government finances budget deficits by
a. selling stock, much like a corporation. b. printing additional currency. c. borrowing from the public. d. raising property taxes.
In the definition of marginal propensity to consume, marginal refers to ______.
a. the amount of extra taxes someone pays as a result of government purchases b. the total income someone receives as a result of government purchases c. the additional amount of disposable income someone receives d. the amount of additional income spent on consumer goods and services
The usefulness of money in carry out transactions is its ________ and the nominal interest rate is its ________.
A. benefit; cost B. cost; benefit C. supply; demand D. demand; supply