Which of the following is a characteristic of perfect competition?
a. homogeneous products
b. many sellers
c. many buyers
d. all of the above
d
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Explain why a firm's long-run total cost is no greater than its short-run total cost. Under what circumstances will the two be equal?
What will be an ideal response?
If income rises, most consumers will increase the quantity demanded of an inferior good.
Answer the following statement true (T) or false (F)
When the trade-offs you face are determined by the choices someone else will make, behaving rationally involves:
A. behaving strategically. B. ignoring the behavior of other actors. C. acting in a way to help others. D. All of these statements are true.
The marginal product of any input into the production process:
A. is the increase in output that is generated by an additional unit of input. B. is the decrease in input that is generated by an additional unit of output. C. is the constant ratio of inputs to outputs. D. None of these is true.