Which of the following is a characteristic of a perfectly competitive market?

a. a few large firms
b. firms producing specialized products in order to attract consumers
c. each individual firm having some control over the market price
d. a large number of small firms

d

Economics

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Refer to Figure 11.4. Which diagram illustrates the effect of a decrease in government spending?

A) A B) B C) C D) D

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Is national defense excludable? Is it rival in consumption? How do we classify national defense in terms of the four types of goods?

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