Which conditions must be present for "perfect competition" to occur?
A) A large number of buyers and sellers, and all of them enjoy full and complete information.
B) Sellers produce identical products.
C) There is a costless mobility of resources.
D) Everybody behaves as a price taker.
E) All of the above.
E
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In the United States during the 1950s and 1960s
A) the inflation rate was frequently less than 2 percent a year. B) prices rose sharply. C) prices fell. D) there was zero inflation.
In which of the following cases is the slope of a line positive and less than infinity?
A) As the variable measured on the x-axis decreases, the variable measured on the y-axis decreases. B) As the variable measured on the x-axis increases, the variable measured on the y-axis decreases. C) As the variable measured on the y-axis increases, the variable measured on the x-axis does not change. D) As the variable measured on the y-axis increases, the variable measured on the x-axis decreases.