In a perfectly competitive market, the number of sellers must be large enough that
a. none of them ever earns positive economic profits.
b. none of them can significantly alter the price of the product.
c. they each end up selling a slightly different product.
d. it is easy for a particular firm to leave the market.
B
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A situation in which an individual has no information about probabilities and the underlying distributions of the possible outcomes of an investment choice is called:
a. a prior distribution. b. updating. c. risk tolerance. d. pure uncertainty.
The supply curve of a depletable natural resource is usually
a. downward sloping because the resource runs out over time. b. upward sloping because more of the resource can be profitably extracted at higher prices. c. upward sloping because the price of the resource rises over time. d. vertical because the supply of the resource is fixed.