The perfectly competitive market structure includes all of the following except
A. Many firms.
B. Identical products.
C. Low entry barriers.
D. Large advertising budgets.
Answer: D
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Price indexes can overstate inflation because they
A) omit some quality improvements. B) do not contain the prices of any used goods. C) do not contain the prices of foreign goods. D) do not contain the prices of services.
Real income can be measured by
A) the slope of the budget line. B) the area under the budget line. C) the length of the budget line. D) an intercept of the budget line.
Productivity growth slowed rapidly after 1973. Bruno and Sachs argue that the slowdown is partially explained by
A) reduced growth in capital per capita since increasing numbers of women entered the labor force. B) the reduction in savings rates caused by inflation and the U.S. tax system. C) the "residual" nature of technological change. D) the rapid increase in the relative price of energy.
A point on a nation's production possibilities curve represents
A. The full employment of resources to achieve a particular combination of goods and services. B. Combinations of production that are unattainable, given current technology and resources. C. An undesirable combination of goods and services. D. Levels of production that will cause both unemployment and inflation.