Which of the following is true about perfect competition?
a. Each firm faces a downward-sloping demand curve.
b. Each firm must face a horizontal demand curve.
c. Firms are price-makers.
d. Marginal cost equals average cost.
e. Firms can increase sales by lowering their price.
B
Economics
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In the above table, based on the four-firm concentration ratio, which industry is the most concentrated?
A) Widgets B) Gadgets C) Blodgets D) All three industries are equally concentrated.
Economics
Before the Great Depression, macroeconomic theory was dominated by the ________ approach that presumed the essential ________ of the private economy
A) Keynesian, stability B) Keynesian, instability C) old classical, stability D) old classical, instability
Economics