If the market for a good or service is competitive,
a. there are many independent buyers and sellers
b. buyers and sellers have no control over price
c. there are no entry barriers
d. all of the above
d. all of the above
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The figure above shows the market for milk. When the efficient quantity of milk is produced, the marginal social benefit from the last gallon is
A) $2.00. B) $2.50. C) $3.00. D) $3.50.
Describe the characteristics of an efficient contract between a principal and an agent
What will be an ideal response?
Julio makes wine and beer. Last year he made 20 bottles of wine and 20 cases of beer. If the price of grapes goes down (making wine cheaper to make), Julio will be able to make the same amount of wine and more beer
a. True b. False Indicate whether the statement is true or false
Entry into a monopolistically competitive industry is
a. easy, but exiting is difficult b. difficult, but exiting is easy c. difficult, but not impossible d. impossible e. easier than entry into oligopoly