The highest form of competition is called
a. arbitrage.
b. monopolistic competition.
c. equilibrium.
d. perfect competition.
d
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When a country's import spending exceeds export spending, the country is experiencing a:
A) trade deficit. B) trade surplus. C) budget deficit. D) none of the above.
If an increase in quantity demanded of a product reduces the quantity demanded of another, then the two goods are said to be substitutes
a. True b. False Indicate whether the statement is true or false
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Ceteris paribus, a weaker U.S. dollar does all of the following except
A. Reduce the prices paid by U.S. consumers for foreign-grown farm products. B. Raise costs of importing agricultural products from abroad to the United States. C. Generate short-run economic profits for farmers because it increases foreign demand for U.S. agricultural products. D. Raise the dollar value of farmland because it increases foreign demand for U.S. agricultural products.