Which of the following is not necessarily a characteristic of perfect competition?
a. low prices
b. a large number of buyers and sellers
c. a homogeneous product
d. perfect information
e. easy entry and exit in the long run
A
Economics
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Neither the demand nor the supply of gasoline is perfectly elastic or inelastic. When the government increases the federal tax on gasoline, the effect on buyers is that the price they pay
A) rises. B) falls. C) does not change. D) rises if the demand is inelastic and falls if the demand is elastic. E) rises if the supply is inelastic and falls if the supply is elastic.
Economics
If the nominal interest rate is 18 percent and the real interest rate is 6 percent, the inflation rate is:
A. 18 percent. B. 24 percent. C. 12 percent. D. 6 percent.
Economics