Economists admire perfect competition for all of the following reasons except
a. market prices are at their lowest possible levels
b. quantities are higher than with any other market condition
c. consumers get the greatest variety of differentiated goods
d. P = MC = ATC = MR
e. goods are produced at minimum average total cost
C
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The original objective of Social Security was
A) to provide retirement fund for all persons. B) to prevent future depressions. C) to raise the nation's saving rate. D) a proper response to the stock market crash of 1929.
You have just noticed that the dollar appreciated and you suspect that U.S. policymakers were behind this change. Which would you choose as the most likely cause of this appreciation in the real exchange rate?
A. A decrease in the money supply B. A temporary increase in government purchases C. An increase in the money supply D. A temporary decrease in taxes
If a zero-coupon bond sells for par, the nominal interest rate on that bond is:
A. 100 percent. B. zero. C. infinity. D. negative.
Explain the three dimensions of uncertainty which affects the choice among markets, contracts, and integration