The model of perfect competition is most likely to apply to a market where
a. it is difficult for existing firms to exit the market
b. there are a few buyers, and they are uninformed about the degree of product standardization
c. there are many existing sellers, but it is difficult for new sellers to enter the market
d. one dominant seller must negotiate with one dominant buyer
e. there are many sellers, and they produce a standardized product
E
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Refer to Figure 11-11. Constant returns to scale
A) occur between 10,000 and 20,000 pictures frames per month. B) occur for output rates greater than 5,000 picture frames. C) occur between 5,000 and 20,000 picture frames per month. D) will shift the long-run average cost curve downward.
An effective import quota will
a. increase the revenue received by the exporting nation b. eliminate all incentives for trade between nations c. reduce the quantity demanded of the imported good d. lead to a lower domestic price e. lead to a higher price in the exporting nation
In some areas, local appraisers have formed ________________________.
Fill in the blank(s) with the appropriate word(s).
The Federal Reserve System of the U.S. is the country's:
Financial adviser Deposit insurance provider Central bank Comptroller or Accountant