An example of a perfectly competitive industry is
A) a big city police department.
B) the market for corn in the United States.
C) the market for French impressionists' paintings.
D) the National Football League.
B
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If electric utilities continually reduce their emissions of sulfur dioxide
A) the utilities will eventually be forced to go out of business. B) the marginal cost of further emissions will rise. C) the marginal benefit of additional emissions will rise. D) the total benefit of sulfur dioxide emissions will fall.
If wages drop below the market equilibrium level in a competitive labor market:
A. unemployment will persist until the wage increases. B. firms will be able to offer lower wages and still fill all the jobs they have. C. firms will demand more labor than workers are willing to supply. D. All of these statements are true.