Which of the following statements is true about a competitive market? A competitive market
A) has a handful of sellers but always has many buyers.
B) must have a physical location.
C) includes markets for goods and services but not for inputs.
D) has so many buyers and sellers that no one can influence the price.
E) has one seller competing to sell his or her product.
D
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In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Brandon and Christopher can
A) gain from exchange if Brandon specializes in planting and Christopher specializes in plowing. B) gain from exchange if Brandon specializes in plowing and Christopher specializes in planting. C) exchange, but only Brandon will gain from the exchange. D) exchange, but only Christopher will gain from the exchange.
The short run sequence of events following an unanticipated shift to a more expansionary monetary policy would be
a. lower interest rates, decrease in aggregate demand, and a reduction in output. b. lower interest rates, increase in aggregate demand, and an expansion in output. c. higher interest rates, decrease in aggregate demand, and a reduction in output. d. higher interest rates, increase in aggregate demand, and an expansion in output.