Perfectly competitive firms are price takers because
a. each firm is too small compared to the market to be able to affect price
b. one firm determines price and all other firms accept this price
c. firms take the price that government determines
d. firms must accept any price consumers offer them
e. firms earn high profits by "taking" consumers
A
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Which of the following approaches does not offer an international dependence explanation of underdevelopment?
a. the false paradigm model b. the neoclassical counter-revolution c. the dualistic development model d. the neocolonial dependence model
At the start of the Civil War, the South adopted a trade policy that did not
a. discourage exports to England. b. ban sales of cotton to the North. c. eventually move England from neutrality in the Civil War. d. weaken the southern war effort.
The marginal resource cost of a resource is the additional cost of employing one additional unit of the resource
a. True b. False
Suppose the stock market rises, causing a rapid increase in consumers' wealth. This would lead to
a. a downward movement along the consumption function. b. a downward shift of the consumption function. c. an upward movement along the consumption function. d. an upward shift of the consumption function.