In perfect competition, the
A) market demand for the good or service is large relative to the minimum efficient scale of a single producer.
B) market demand for the good or service is small relative to the minimum efficient scale of a single producer.
C) market demand for the good or service can be small relative to the minimum efficient scale of a single producer as long as the goods or services are not identical.
D) size of the market demand for the good or service relative to the minimum efficient scale of a single producer does not affect competition.
A
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General equilibrium occurs in autarky at the point where the community indifference curve intersects the production possibilities frontier
Indicate whether the statement is true or false
Increasing marginal returns always occurs when the
A. average product of an additional worker is less than the average product of the previous worker. B. marginal product of an additional worker exceeds the average product of the previous worker. C. average product of an additional worker exceeds the average product of the previous worker. D. marginal product of an additional worker exceeds the marginal product of the previous worker. E. marginal product of an additional worker is less than the marginal product of the previous worker.
An industry with a Herfindahl-Hirschman index of 100 would have at least ______ firm(s).
Fill in the blank(s) with the appropriate word(s).
Assuming the United States is the "domestic" country, if the real exchange rate between the United States and France increases from 1.5 to 1.8
A) the prices of U.S. goods and services have increased by 20% relative to France. B) the prices of U.S. goods and services have increased by 53% relative to France. C) the prices of U.S. goods and services have increased by 3% relative to France. D) the prices of U.S. goods and services have decreased by 16% relative to France.