competition is present when
What will be an ideal response?
freedom of entry and rival firms are present in a market
You might also like to view...
When efficiency is attained, the sum of the total amount of consumer surplus and producer surplus is
A) minimized. B) maximized. C) equal to the deadweight loss. D) undefined. E) equal to zero.
State the type of correlation between the following sets of variables
a) Consumption and income b) Education and unemployment c) Availability of health care and death rate d) Pollution control measures adopted in Canada, and number of cases of respiratory diseases in Australia
The principal-agent problem is
A) often less severe for partnerships than for corporations. B) often more severe for partnerships than for corporations. C) severe for corporations but nonexistent for partnerships. D) most severe for sole proprietorships.
Which statement(s) is (are) consistent with a positive relationship between inflation and the output gap?
A) If output rises above its potential level, the unemployment rate falls and firms will raise wages and prices more rapidly. B) In the short run, the AS curve is upward sloping. C) Through Okun's law, the negative relationship between the output and unemployment gaps allows the modern Phillips curve to be translated into the AS curve. D) all of the above E) none of the above