Perfect competition implies that
A) there are many firms in the market.
B) all firms are price takers.
C) all firms are producing the same identical product.
D) All of the above answers are correct.
D
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Using the data in the table above, the demand for skirts is
A) elastic. B) unit elastic. C) inelastic. D) indeterminate. E) perfectly inelastic.
Which of the following statements about stock market brokers and dealers is TRUE?
A) Brokers earn commissions from trading stocks but dealers try to profit from trading stocks. B) Brokers try to profit from trading stocks but dealers earn commissions from trading stocks. C) Both brokers and dealers earn commissions from trading stocks. D) Both brokers and dealers try to profit from trading stocks.
If the price were $11, how much would the firm's output be in the short run?
________ argued for a tax on consumption instead of on income because a tax on income discourages saving by taxing savings twice.
A. Irving Fisher B. John Rawls C. Thomas Hobbes D. Bill Clinton