All of the following are characteristics of a perfectly competitive market except:
A) a large number of sellers.
B) perfectly elastic demand.
C) a homogeneous product.
D) barriers to entry.
D
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If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. lower average labor productivity. B. higher average labor productivity. C. the smaller population. D. the larger population.
If a larger fraction of the adult population is working in the marketplace, household production
A) counted in real GDP increases. B) not counted in real GDP increases. C) counted in real GDP decreases. D) not counted in real GDP decreases.
What are the shapes of the AVC curve and the ATC curve and why do they have these shapes?
What will be an ideal response?
Both individual buyers and sellers in perfect competition
A) can influence the market price by their own individual actions. B) can influence the market price by joining with a few of their competitors. C) have to take the market price as a given. D) have the market price dictated to them by government.