Which of the following has not been promoted by HPAE?
A) Large job creation in the government sector
B) Land reform
C) Free basic health care
D) Significant investments in rural infrastructure
A
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A perfectly competitive market is a market that meets the conditions of
A. few buyers and sellers, all firms selling identical products, and no barriers to new firms entering the market B. many buyers and sellers, all firms selling differentiated products, and no barriers to new firms entering the market C. many buyers and sellers, all firms selling identical products, and significant barriers to new firms entering the market D. many buyers and sellers, all firms selling identical products, and no barriers to new firms entering the market
Which of the following statements is true of competitive market equilibrium?
A) The determination of equilibrium price and quantity is independent of the demand for goods. B) Social surplus is minimized at the competitive equilibrium. C) At the competitive equilibrium, there are no unexploited gains from trade. D) A competitive equilibrium is determined only by a few large sellers in the market.