Which of the following are characteristics of a Perfectly Competitive Industry?
(a) Few buyers and sellers.
(b) Heterogeneous products.
(c) Homogeneous products.
(d) Barriers to entry and exit.
Answer: (c) Homogeneous products.
Economics
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The use of money
A. reduces the transaction costs of exchange B. eliminates the double coincidence of wants C. Allows for greater specialization D. All of the above
Economics
Which of the following will shift the production possibilities curve outward?
a. a hurricane that destroys buildings throughout Florida b. an increase in the capacity utilization of existing factories c. an increase in the unemployment rate d. a decrease in the market price of both goods
Economics