Which of the following statements is (are) true concerning a pure competition situation?
a. Its demand curve is represented by a vertical line.
b. Firms must sell at or below market price.
c. Marginal revenue is equal to price.
d. both b and c
e. both a and b
d
You might also like to view...
Graphically, the trend line for the nominal mortgage rate coincides with the trend line for the real mortgage rate if the rate of inflation is zero
a. True b. False Indicate whether the statement is true or false
Which of the following is true of government activities under a system of representative democracy?
a. If a majority favors an activity, it must be productive. b. If a majority opposes an activity, it must be counterproductive. c. When voters pay in proportion to benefits received, productive activities undertaken by the government will be favored by an overwhelming majority of voters. d. When voters pay in proportion to benefits received, productive activities will generally be defeated under a majority rule vote.
Voters' Ordered PreferencesAbbyBobCarloPublic parksPublic zooPublic transportationPublic zooPublic transportationPublic parksPublic transportationPublic parksPublic zooIf a pair-wise majority vote was held and the voters' preferences are shown in the table, which option would win overall?
A. It is impossible to predict which option would win. B. Public zoo C. Public transportation D. Public parks
Based on Table 3.1, which country or countries has an absolute advantage and a comparative advantage in shoes?
A) Mexico has an absolute and comparative advantage in shoes. B) The United States has an absolute and comparative advantage in shoes. C) The United States has a comparative advantage, and Mexico has an absolute advantage in shoes. D) Mexico has a comparative advantage, and the United States has an absolute advantage in shoes.