Competitive markets are characterized by
a. a small number of buyers and sellers.
b. unique products.
c. the interdependence of firms.
d. free entry and exit by firms.
d
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Refer to the following graph. Which of the following statements is true?
a. Equilibrium is shown at point A.
b. When the price is $13.50 a shortage exists.
c. When the price is $11.50 a surplus exists.
d. If the price is currently $11.00 then the price will fall over time.
Economists use general equilibrium models of an economy to explain
A) consumption levels. B) production levels. C) relative prices. D) All of the above.
Rachel cuts her sister's hair for free. When she cuts the hair of her customers in her shop, she charges $10 . When is Rachel's haircutting included in GDP?
a. When she cuts her sister's hair or cuts her customers' hair. b. When she cuts her sister's hair, but not her customers' hair. c. When she cuts her customers' hair, but not her sister's. d. Never.
Outline the purpose of antitrust laws. What do they accomplish?