Which of the following is a characteristic of perfect competition?
a. easy entry into or exit from the market
b. a small number of buyers
c. a high degree of government regulation
d. a differentiated product
e. a high degree of collusion
A
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A good example of a monopolistic competitive industry is
A. the federal highway system B. wheat farms in the United States. C. the four major textbook publishers together with nearly 90 percent of industry sales. D.the country music industry.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
A company that explicitly takes on a social mission in addition to profit-seeking is considered a:
A. nonprofit organization. B. social welfare organization. C. benefit corporation or L3C (low profit limited liability company). D. social partnership.
A nation will import a good if its no-trade, domestic
A) price is equal to the world price. B) price is less than the world price. C) price is greater than the world price. D) quantity is less than the world quantity. E) quantity is greater than the world quantity.