In a perfectly competitive industry
A) each firm is a price maker.
B) no buyer or seller can influence the market price.
C) there is apt to be a shortage of sellers of output.
D) firms can never make an economic profit.
Answer: B
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If you post your car on eBay with a "Buy It Now" price of $1,800, you are using money as
A. bank reserves. B. a medium of exchange. C. a unit of account. D. a store of value.
If the ratio of the dollar price of a U.S. toy to the dollar price of a Chinese toy is less than one:
A) retailers in the U.S. should buy the toys from both Chinese suppliers and American suppliers. B) retailers in the U.S. should not buy the toys from both Chinese suppliers and American suppliers. C) retailers in the U.S. should buy the toys from Chinese suppliers. D) retailers in the U.S. should buy the toys from American suppliers.
The law of diminishing return holds that as additional increments of resources are:
a. added to a certain purpose, the marginal benefit from those additional increments will remain flat. b. removed to a certain purpose, the marginal benefit from those additional increments will decline. c. added to a certain purpose, the marginal benefit from those additional increments will incline. d. added to a certain purpose, the marginal benefit from those additional increments will decline.
_____________________________: A sale price adjustment must be made if the legal estate, or bundle of rights, of a comparable property differ from those of the subject property.
Fill in the blank(s) with the appropriate word(s).