In perfect competition, the product of a single firm
A) has many perfect substitutes produced by other firms.
B) has many perfect complements produced by other firms.
C) is sold under many differing brand names.
D) is sold to different customers at different prices.
A
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The price elasticity of demand for meat in general is inelastic while the price elasticity of demand for turkey or chicken is more elastic. Why?
A) Turkey and chicken are not red meat. Because they are not the same as other meats, they should have different elasticities. B) Turkey and chicken have many substitutes, such as fish or beef, while meat in general has fewer substitutes. C) Turkey and chicken are inferior goods. D) Turkey and chicken are normal goods.
The demand for money curve depicts
A) an inverse relationship between the quantity of money demanded and the quantity of bonds demanded. B) a direct relationship between the quantity of money demanded and the quantity of bonds demanded. C) an inverse relationship between the quantity of money demanded and the interest rate. D) a direct relationship between the quantity of money demanded and the interest rate.