In perfect competition, the market demand for the good ________ perfectly elastic and the demand for the output of one firm ________ perfectly elastic
A) is; is
B) is; is not
C) is not; is
D) is not; is not
C
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The graph shows the market for rental housing in Little Rock. The market for apartments is efficient when
A) the quantity of apartments demanded is 12,000 a month. B) the rent ceiling is set at $300 a month. C) there is no rent ceiling. D) the quantity of apartments supplied is 6,000 a month. E) the rent charged is less than $450.
At the twenty-fifth anniversary of the Woodstock Festival in 1994, there were many vendors who sold tie-dyed t-shirts. No matter where one went, each vendor was selling these t-shirts for $15 a piece. Which market structure model would best characterize such a situation?
a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly e. Monopsony
Over the period 1870-2014, the United States experienced an average annual growth rate of real GDP per person of about 1.8 percent per year
a. True b. False Indicate whether the statement is true or false
Table 1.1 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.1Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)S0NA10 T1 9 U2 7 V3 4NAIn the production range of 7 to 9 Stealth bombers, the opportunity cost of producing 1 more Stealth bomber in terms of B-1s is
A. 3. B. 0.5. C. 2. D. 0.