Industry price and the price taken by the perfect competitor are ___________.
Fill in the blank(s) with the appropriate word(s).
identical
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Double coincidence of wants is avoided if money is used as a:
A. measure of value. B. medium of exchange. C. standard of deferred payment. D. store of value
What is producer surplus? How is it different from consumer surplus?
An example of a service counted in this year's GDP is
a. buying shampoo to give your pet a bath b. cleaning your house c. trimming your own hair d. hiring a gardener to weed your garden e. polishing your friend's car as a friendly gesture
According to the rational expectations theory, if all firms have rational expectations and wages and prices are flexible, disequilibrium in a market
A. will be a common occurrence. B. will never exist. C. will only be temporary. D. will only exist in times of high inflation.