Is the firm a perfect competitor or an imperfect competitor?
Perfect competitor
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A simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus. However, you observe that some people still do not take the bus even after the price of a ticket fell
a. Is the model incorrect? b. How would you test this model?
Since 1960, the biggest gain in its share of federal outlays has been in
a. income redistribution b. defense spending c. net interest d. infrastructure e. all other outlays
An industry consists of eight firms with annual sales (in millions) of $200, $300, $900, $600, $300, $700, $500, and $600. What is the industry's C4?
A. 0.77 B. 0.66 C. 0.68 D. 0.49
A demand schedule
A) holds all prices constant. B) is only for a given time period. C) holds quantity constant. D) is for a given variety of goods.