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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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.
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?