Which of the following is NOT a characteristic of perfectly competitive markets?
A) The government restricts the number of producers through licensing requirements.
B) All market participants are price-takers.
C) It is easy to find a trading partner.
D) All products are identical.
A
Economics
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Refer to the scenario above. The real GDP of the country in Year 1 was ________
A) $280,000 B) $2,200,000 C) $540,000 D) $1,400,000
Economics
The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
a. an increase in Economagic's labor supply. b. innovation in the production of goods in Economagic. c. a war that destroyed some of Economagic's resource base. d. unemployment among Economagic's workers. e. Economagic's choice of more consumption and less capital last period.
Economics