What is perfect competition?
a. A situation in which each firm faces many competitors that sell identical products
b. A situation in which a firm has a monopoly on a product
c. A situation in which one firm has a distinct sales advantage over other competitors
d. A situation in which each firm has a distinctly different version of the same product
a. A situation in which each firm faces many competitors that sell identical products
Perfect competition is a situation in which each firm faces many competitors that sell identical products.
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While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50. For Jordan, the marginal cost of purchasing the third taco would be
What will be an ideal response?
The free rider problem is an economic issues associated with
a. Public Goods b. Negative externalities c. Social cost d. Marginal Benefits
If the single-input producer choice set is convex, the marginal product of labor curve must have a negative slope that is getting steeper with increases in labor input.
Answer the following statement true (T) or false (F)
A person who worked 20 hours per week while going to school would be categorized as
a. employed b. unemployed c. not in the labor force d. marginally unemployed e. labor impaired