Which of the following characterizes a perfectly competitive market?
A) The market demand curve is vertical.
B) The demand for each individual firm's product is perfectly elastic.
C) Each firm sets a different price.
D) Each firm produces a product slightly different from that of its competitors.
B
Economics
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Explain why it is unwise to bid more than your valuation of the good in a sealed bid second-price auction
What will be an ideal response?
Economics
State and local governments receive most of their revenue from
A) sales and excise taxes, revenue from the federal government, and property taxes. B) individual income taxes, social insurance contributions, and property taxes. C) corporate income taxes, property taxes, and personal income taxes. D) property taxes, sales and excise taxes, and Social Security contribution.
Economics