Both buyers and sellers are price takers in a perfectly competitive market because
A) each buyer and seller is too small relative to others to independently affect the market price.
B) both buyers and sellers in a perfectly competitive market are concerned for the welfare of others.
C) the price is determined by government intervention and dictated to buyers and sellers.
D) each buyer and seller knows it is illegal to conspire to affect price.
A
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Assuming all else equal, if the labor demand curve shifts to the left and the labor supply curve remains unchanged, ________
A) equilibrium wage falls B) consumption falls C) unemployment rises D) equilibrium wage rises
The following are hypothetical exchange rates: $1 = 140 yen; 1 Swiss franc = $.10. We can conclude that:
A. 1 yen = 280 Swiss francs. B. 1 yen = 14 Swiss francs. C. 1 Swiss franc = 28 yen. D. 1 Swiss franc = 14 yen.