In a competitive market, the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller
a. True
b. False
Indicate whether the statement is true or false
True
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Because of China's growth, natural resources
A) are in greater demand, but that demand is mostly going to the previously industrialized nations so it is having little effect on economic development in developing countries. B) are in greater demand and the natural resources are increasingly coming from developing countries. C) prices are falling since China has tremendous negotiating power. D) are not in high demand since labor and capital are the emphasized inputs in Chinese manufacturing.
If U.S. buyers purchased $500 billion of foreign goods and foreign buyers purchased $400 billion of U.S. goods, the U.S. balance of trade would be:
a. ?$100 billion. b. $100 billion. c. $400 billion. d. none of these.
Relative to a profit-maximizing competitively organized industry that is producing 3,000 units of output at a price of $5 per unit, a monopoly under the same circumstances would produce ________ units of output and charge a price of ________ per unit.
A. 3,000; $5 B. less than 3,000; more than $5 C. more than 3,000; more than $5 D. less than 3,000; less than $5
When the money supply rises by 10%, in the short run, output ________ and the price level ________.
A. rises; is unchanged B. declines; falls C. declines; is unchanged D. is unchanged; falls