Which of the following observations is not true?
a. Demand curve of the perfectly competitive firm is perfectly elastic.
b. There is only one price for a product in a perfectly competitive market.
c. A firm in a perfectly competitive market can sell as much as it wants at market price.
d. Demand curve of the perfectly competitive industry is perfectly elastic.
d
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From the table above, which gives data about the U.S. labor market in 1933, the unemployment rate is
A) 2 percent. B) 18 percent. C) 20 percent. D) 25 percent. E) 35 percent.
Moving along a budget line, the prices of both goods:
a. vary and the consumer's budget is held constant. b. are held constant and the consumer's budget varies. c. and the consumer's budget are held constant. d. and the consumer's budget vary.
Suppose a quota on foreign-made automobiles is proposed in Congress. Which of the following groups is most likely to oppose the bill?
a. American Automobiles Manufacturers. b. Consumers. c. American Steel Workers. d. United Auto Workers.
Which of the following will lead to an increase in aggregate demand in the United States?
a. a higher price level b. an increase in the real interest rate c. an increase in wealth due to a substantial appreciation in the value of stocks d. a decrease in real income in Japan and Western Europe