Competitive price-taker markets are characterized by
a. firms that all produce the same product.
b. a small number of firms in the market.
c. firms that are large relative to the size of the market.
d. widespread use of advertising as a competitive weapon.
A
Economics
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Explain the difference between the CPI and GDP deflator measures of inflation. Which one is likely to measure inflation higher? Why?
What will be an ideal response?
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A welder who quits his job and moves from Houston to Buffalo to try to get a better welding job is said to be:
a. frictionally unemployed. b. underemployed c. cyclically unemployed. d. structurally unemployed.
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