According to your authors, the model of perfect competition
A) is an accurate description of real-world markets.
B) obscures how plan coordination occurs in the real world.
C) explains how economic profits can exist over time.
D) explains economic losses better than economic profits.
B
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Most economists would agree with which statement about fiscal policy?
A. It's useful when few resources are unemployed due to an aggregate demand shock. B. It's useful when a lot of resources are unemployed due to a real shock. C. It's useful when few resources are unemployed due to a real shock. D. It's useful when a lot of resources are unemployed due to an aggregate demand shock.
A system of transferable pollution rights: a. increases the quantity of pollution generated
b. provides firms with an incentive to develop new pollution-abatement technologies. c. is not as cost-effective in reducing pollution as a system based on compliance standards. d. is characterized by none of the above.