Which is FALSE about perfect competition?
A) There are numerous sellers.
B) Market entry and exit is unrestricted.
C) There is no ability to set price.
D) There is considerable product differentiation.
D
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Three-wheel cars made in North Edsel are sold for 5000 pounds. Four-wheel cars made in South Edsel are sold for 10,000 marks. The nominal exchange rate between the two countries is three marks per pound
The real exchange rate between the two countries is A) 0.50 three-wheel cars per four-wheel car. B) 0.66 three-wheel cars per four-wheel car. C) 1.50 three-wheel cars per four-wheel car. D) 2.00 three-wheel cars per four-wheel car.
Positive economics
A) always gives an optimistic spin to economic news. B) is concerned with the economic policies that should be implemented. C) is objective. D) was not used by nineteenth century economists.