If a resource is purchased and sold in a perfectly competitive market:
a. there are a large number of resource suppliers and the resources are identical.
b. there is a single buyer of resource and the resources are identical.
c. there is a single buyer of resource and the resources are differentiated.
d. there are a large number of resource suppliers and the resources are differentiated.
e. there are a large number of resource suppliers and there is no entry or exit.
a
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Using the above figure, during which of the following periods does the price of crude oil shows an upward trend?
A) May to November B) May to July and October to December C) July to October D) April to November
If the exchange rate between the yen and the dollar changed from 100 yen = $1 to 110 yen = $1, then
a. the dollar depreciated b. U.S. goods will become less expensive to the Japanese c. the dollar appreciated d. Japanese goods will become more expensive to U.S. citizens e. the demand for dollars will increase