Perfect competition requires that three conditions be satisfied.
Answer the following statement true (T) or false (F)
False
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What is the opportunity cost of economic growth?
A. Investment in the current time period B. Improved technology in the current time period C. Capital goods in the current time period D. Consumption in the current time period
Mutually Assured Destruction was a standing policy during the Cold War, in which the United States and the U.S.S.R. maintained and expanded nuclear arsenals beyond practical levels. What could explain such a phenomenon?
A) insane public officials who were bent on world domination B) a prisoners' dilemma C) a leader-follower type game D) tacit collusion
A increase in quantity demanded as a result of a change in price
A) is a rightward shift of the demand curve. B) is a leftward shift of the demand curve. C) leaves the demand curve unchanged. D) is not possible.
Suppose a single firm supplies all the ceramic windlasses in the U.S. The demand curve that firm faces is
a. elastic everywhere b. unit elastic everywhere c. inelastic everywhere d. perfectly inelastic everywhere e. elastic at the profit-maximizing quantity