A perfectly competitive firm has no control over the
a. quantity of output produced
b. quantities of inputs used
c. price of the product
d. type of good produced
e. types of inputs used
C
You might also like to view...
Consider an economy where the growth rate of real GDP is 6% and the growth rate of money supply is 8%. If the quantity theory of money holds, the inflation rate in the economy will be:
A) 8%. B) 6%. C) 2%. D) 14%.
In contrast to the need for legal enforcement under a system of direct controls, a taxes approach
a. is subject to greater uncertainty of payment of fees. b. makes taxes automatic and certain. c. speeds the prosecution and conviction process. d. does not actually reduce pollution, merely the cost of monitoring it.
Other things the same, an increase in the interest rate makes the quantity of loanable funds demanded
a. rise, and investment spending rise. b. rise, and investment spending fall. c. fall, and investment spending rise. d. fall, and investment spending fall.
Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the:
A. equilibrium price and quantity will rise. B. equilibrium price and quantity will fall. C. equilibrium price will rise, but the change in equilibrium quantity is uncertain. D. equilibrium quantity will fall, but the change in equilibrium price is uncertain.