Highly concentrated markets have a large number of price-taking firms.
Answer the following statement true (T) or false (F)
False
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We could increase the production of both heart transplants and round-the-world trips if we moved to point T from point
A. P.
B. Q.
C. R.
D. S.
The effectiveness of a country's military expenditures depends on _____
a. how much other nations spend in response b. whether or not they are in an arms race c. whether they have effectively estimated demand for national defense d. depends on the size of a country
If a firm is operating at an output level where losses are minimized the firm
A) has no incentive to stay in the industry. B) is better of exiting the industry. C) is maximizing profits. D) will shut down
Firms in perfectly competitive markets typically have:
A. one profit-maximizing level of output. B. two profit-maximizing levels of output to choose from. C. several profit-maximizing levels of output to choose from. D. no chance of maximizing profits, since they have no control over market price.