Which of the following is least likely to be considered a firm in an imperfectly competitive industry?
A. Ohio Bell Telephone Company
B. the only locally owned and operated bank in Severn, MD
C. a wheat farmer in Kansas
D. a Burger King in Pittsburgh, PA
Answer: C
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The reform movements that began in many Latin American economies in the late 1980s favored
A) competitive devaluations. B) stronger military budgets. C) imports substitution policies. D) a stronger role for markets and more openness. E) more government regulation of industry.
Using a graph, show the effects of a negative externality. Where is the socially optimum point of output? How can it be achieved?
What will be an ideal response?
Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amount of output was produced from a given number of inputs
a. True b. False Indicate whether the statement is true or false
Inflation is a problem when
A) it is unpredictable. B) it causes the value of money to vary unpredictably. C) it causes resources to be diverted from productive uses. D) All of the above answers are correct.