In an economy where firms in most industries are purely competitive firms, individual firms in each industry would produce ________ products and have a ________ share of industry output
A) differentiated; large
B) differentiated; small
C) standardized; large
D) standardized; small
D
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $10 to $8 is
A. -1.60. B. -.63. C. -2.25. D. -1.16.
A cartel is a group of firms that
A) produce differentiated products. B) produce products that are complements. C) agree to restrict output to boost their profit. D) agree to boost output to boost their profit.
Modern Monetarists argue that the velocity of money is
A) constant. B) the inverse of the money multiplier. C) unmeasurable. D) predictable.
Investment banks are vulnerable because
A) the maturity of their liabilities is less than the maturity of their assets. B) the maturity of their assets is less than the maturity of their liabilities. C) they tend to be underleveraged. D) they tend to primarily hold short-term assets.