Which of the following is characteristic of a perfectly competitive market?
a. There is free entry into and exit from the market.
b. Individual firms can exert a perceptible influence on the market price.
c. The firms in the market produce differentiated products.
d. All of these are true.
a
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When those most likely to produce the outcome insured against are the ones who purchase insurance, insurance companies are said to face the problem of
A) fraudulent claims. B) moral hazard. C) adverse selection. D) pecuniary purchases.
Fair outcomes are the result of fair rules defines _____
a. a procedural theory of justice b. a constitutional theory of justice c. justice d. a consensus theory of justice
On a Phillips curve diagram, an increase in the rate of inflation, other things being equal, is represented by a(n):
a. upward movement along the Phillips curve. b. downward movement along the Phillips curve. c. upward shift of the Phillips curve. d. downward shift of the Phillips curve.
According to Judge Learned Hand, a _____% share of the market is enough to constitute a monopoly.
A. 33 B. 50 C. 64 D. 90