Perfect competition
A) has many sellers.
B) homogenous products.
C) free entry and exit.
D) all of these choices.
D
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When the yuan per dollar real exchange rate appreciates:
A) the U.S. net exports to China increase while the Chinese net exports to U.S. decrease. B) both the U.S. net exports to China and the Chinese net exports to the U.S. decrease. C) the U.S. net exports to China decrease while the Chinese net exports to U.S. increase. D) both the U.S. net exports to China and the Chinese net exports to the U.S. increase.
The figure above shows a perfectly competitive firm. The firm is operating; that is, it has not shut down. The firm produces
A) 20 units of output and makes zero economic profit. B) 20 units of output and incurs an economic loss. C) 10 units of output and makes zero economic profit. D) 10 units of output and incurs an economic loss.