The military is not a perfectly competitive market because
A) there is only one buyer, i.e., the government, for military goods/services.
B) there is imperfect information, i.e., intelligence branches.
C) there are heterogeneous goods/services because each military branch provides different goods/services.
D) All of the above
D
Economics
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Refer to Figure 8.1. The firm earns zero profit at what output?
A) 0. B) 34 and 79. C) 54. D) 60. E) 67.
Economics
The choice of a voter to remain uninformed because the marginal cost of obtaining information is greater than the marginal benefit from obtaining knowledge is called:
A. irrational ignorance. B. rational ignorance. C. collective interest. D. choice.
Economics