Perfect competition does not assume that
a. buyers are well informed about products and prices.
b. free entry into and exit from the market exists.
c. no individual buyer or seller can influence a price.
d. all firms operate at the same cost.
d. all firms operate at the same cost.
Economics
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In the long run, the exchange rate between two currencies is
A) fixed. B) influenced by purchasing power parity. C) undefined. D) constant. E) determined so that the current account balance equals zero.
Economics
Ben’s Peanut Shoppe suffers a short-run loss. Ben will not choose to shut down if his business’ total revenue exceeds his:
a) capital costs. b) implicit costs. c) variable cost. d) fixed cost.
Economics