Which best explains why competition is an important part of a free-market system?
Answer: Without competition, people wouldn't have a lot of choices.
You might also like to view...
We will generally observe that the more open an economy
A) the larger the effect of fiscal policy on output and the larger the effect of fiscal policy on the trade position. B) the larger the effect of fiscal policy on output and the smaller the effect of fiscal policy on the trade position. C) the smaller the effect of fiscal policy on output and the larger the effect of fiscal policy on the trade position. D) the smaller the effect of fiscal policy on output and the smaller the effect of fiscal policy on the trade position.
The above figure shows Bobby's indifference map for juice and snacks. Also shown are three budget lines resulting from different prices for snacks assuming he has $20 to spend on these goods
Which of the following points are on Bobby's demand curve for snacks? A) p = 2, q = 10 B) p = 2, q = 13 C) p = 2, q = 5 D) p = 1, q = 20
An individual voter will likely be concerned with
What will be an ideal response?
Table 34-4 ? Quantity Quantity Quantity Quantity ? Price per Demanded Supplied Demanded Supplied TV in United States in United States Japan Japan (dollars) (thousands) (thousands) (thousands) (thousands) 100 100 10 100 25 200 85 20 85 50 300 70 30 70 70 400 60 40 60 80 500 50 50 50 90 600 40 60 40 100 700 30 70 30 110 800 20 80 20 120 Table 34-4 presents the demand and supply schedules for television sets in Japan and the United States. If there is no trade between these countries, what are the equilibrium price and quantity in Japan?
A. P = $100, Q = 100 B. P = $200, Q = 85 C. P = $300, Q = 70 D. P = $400, Q = 60