Which statement is true?
A. The perfect competitor sets her price.
B. Perfect competitors sell below market price to attract new customers.
C. In the long run the perfect competitor produces at an output at which ATC is falling.
D. The perfect competitor makes zero economic profit in the long run.
D. The perfect competitor makes zero economic profit in the long run.
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If workers and firms lower their inflation expectations,
A) unemployment will rise. B) the short-run Phillips curve will shift downward. C) the short-run Phillips curve will be vertical. D) actual inflation will fall to match expected inflation.
During which of the following periods did the U.S. economy have mostly small trade surpluses?
a. From the 1950s into the 1960s b. From the 1960s into the 1970s c. From the 1960s into the 1980s d. From the 1970s into the 1980s
Foreign exchange rates are
A. price at which purchases and sales of foreign goods take place. B. movement of goods and services from one country to another. C. the price of one currency in terms of a second currency. D. differences between exports and imports.
________ is an industry market structure with a small number of firms each large enough to impact the market price of its output.
A. An oligopoly B. A monopoly C. Monopolistic competition D. Perfect competition