How does the demand for any one seller's product in perfect competition compare to the market demand for that product?
A) They are identical.
B) The demand for any one seller is proportionally smaller but otherwise identical to the market demand.
C) The demand for any one seller's product is perfectly elastic while the market demand curve is downward sloping.
D) There is no demand for any one seller's competitively sold product.
E) The demand for any one seller's product is not perfectly elastic while the market demand is perfectly elastic.
C
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Since the 1970s, the Phillips curve has:
a. remained stable. b. moved in a clockwise direction. c. been unstable. d. been used as a reliable model to guide public policy.
If Melanie had $200,000 of income and spent $180,000 on consumption in 2010 and had $300,000 of income and spent $240,000 on consumption in 2011: a. her APC in 2010 was 0.8. b. her APC in 2011 was 0.9. c. her MPC was 0.6
d. her MPC was 0.8.