Which of the following is not a necessary characteristic of a purely competitive industry?
A. The industry- or market demand is highly elastic
B. Firms can enter or leave the industry
C. There are so many firms that none can influence market price
D. Consumers see no difference between the product of one firm and that of another
A. The industry- or market demand is highly elastic
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The Congressional Budget Office estimates that the Patient Protection and Affordable Care Act (ACA) will
A) increase federal government spending by about $2 trillion over 10 years. B) cost the government significantly more than the additional taxes and fees enacted under the law will bring in. C) actually reduce government spending over a 20 year period. D) eliminate the budget deficit within 10 years.
How is inflation typically measured? What are the different types of inflation? Why is it important to know which type of inflation we may be experiencing?