"A market is said to be perfectly competitive when consumers can tell that some products are of better quality than others." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. A market is perfectly competitive when firms produce homogeneous products and consumers cannot differentiate the quality of the products produced by different firms.
Economics
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Despite its status as one of the richest countries in the world, Japan
a. has a very low level of productivity. b. has few natural resources. c. has very little human capital. d. engages in a relatively small amount of international trade.
Economics
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
Economics