Which of the following is the best example of a perfectly competitive industry?
A) the wheat market
B) the steel market
C) the electricity market
D) the airplane market
Answer: A
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What is a bond?
What will be an ideal response?
Which of the following is not primarily a function of the federal government
a. national security b. higher education c. economic stability d. market competition e. all of the above are functions of the federal government
According to Say's law, there cannot be overproduction of goods and services because:
a. planned aggregate expenditures sometimes fall short of total output. b. prices and wages are "sticky" or inflexible in the downward direction. c. demand creates its own supply. d. supply creates its own demand.
Pareto improvements occur
a. through the tax system b. rarely in the real world c. when the economy has reached the point of economic efficiency d. when market exchanges take place e. when consumers are not perfectly informed