Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3
A) economic surplus is maximized.
B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient.
C) not enough consumers want to buy pecans.
D) the quantity supplied is less than the economically efficient quantity.
D
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One difference between perfect competition and monopolistic competition is that
A) a perfectly competitive industry has fewer firms. B) in perfect competition, firms produce slightly differentiated products. C) monopolistic competition has barriers to entry. D) firms in monopolistic competition face a downward-sloping demand curve.
The member countries under the EMS (European Monetary System) let their currencies float jointly among themselves, but maintained a fixed exchange rate against the rest of the world
Indicate whether the statement is true or false