Refer to the above table. If the price is $5, the perfectly competitive firm should produce
A) 104 units.
B) 105 units.
C) 106 units.
D) 107 units.
A
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Which of the following statements correctly identifies a similarity between monopoly and perfect competition?
A) Entry is restricted in both market structures. B) Price equals marginal cost in both market structures. C) Production is expanded until marginal revenue equals marginal cost in both the market structures. D) Firms face an upward sloping demand curve and a downward sloping marginal revenue curve in both the market structures.
Which of the following changes while moving along the aggregate demand curve?
A) future incomes of households B) the price level C) the amount of money in the economy D) future profits from investment projects
Explain how our economic welfare depends upon our level of real GDP per person but there might not be a one-to-one relationship between economic welfare and real GDP per person. Give examples of things that can effect one but not the other
What will be an ideal response?
Under the Clayton Act,
a. the same person cannot sit on the boards of directors of competing corporations. b. mergers are illegal. c. monopoly is illegal. d. the Sherman Antitrust Act was repealed.