A perfectly competitive firm is so small relative to the size of the market that the firm's decision about how much to produce:
a. has a significant effect on market price.
b. has a significant effect on market supply.
c. has no effect on market price.
d. has no effect on the market demand.
c
Economics
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Suppose the government raises the minimum wage in the economy. All else constant, how will this affect the quantity of labor demanded and the quantity of labor supplied?
What will be an ideal response?
Economics
Under a fixed exchange rate system, if an appreciation in the value of a country's currency develops, the monetary authorities ________
A) will gain international reserves B) buy the domestic currency in foreign exchange markets C) sell foreign exchange in foreign exchange markets D) will lose international reserves
Economics