The market price for any good or service sold in a perfectly competitive market is determined by
A. Government regulation.
B. Supply and demand.
C. The largest firm in the industry.
D. Strategic interaction.
Answer: B
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The interest rate will fall when the
A. quantity of money demanded exceeds the quantity of money supplied. B. quantity of money supplied exceeds the quantity of money demanded. C. supply of money decreases. D. demand for money increases.
A catering company is producing at a point where its marginal costs are $25 and its fixed costs are $5000 . At the current price of $10 it is producing 50 meals. If the demand goes up, such that they can now charge $20 per meal, how much should the firm now produce?
a. 60 meals b. 70 meals c. 80 meals d. None, they should shut down
Anne is an accountant who lost her job in the last recession and has given up looking for work after an unsuccessful job search. Which of the following is true in this case? a. She is a discouraged worker
b. She is underemployed. c. This is an example of cyclical unemployment. d. This is an example of seasonal unemployment. e. She is overemployed.
People in Selena’s country are brought up knowing that saving their money is a good idea, but that a little spending is also okay. As a result, Selena’s nation will be able to ______.
a. consume more in the future b. pay lower wages to workers c. produce everything it needs d. avoid investing in new capital