The perfectly competitive model assumes that:
a. individual sellers can influence the market price
b. sellers can increase their total revenue by raising prices.
c. firms can enter and exit the industry with relative ease.
d. firms compete by varying a product's quality rather than a product's price.
c
Economics
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Say's law implies that
A) surpluses never occur. B) there will always be unemployment. C) surpluses or shortages are possible, but only for a short time. D) shortages never occur.
Economics
The government of Lithasia ran a budget deficit of $60,000 in 2014. If the tax revenue of the Lithasian government in 2014 was $320,000,000, how much did the government spend in that year?
A) $319,940,000 B) $1,060,000 C) $320,060,000 D) $49,000,000
Economics