Which of the following is NOT a defining characteristic of perfectly competitive industries?

A) many buyers and sellers
B) unrestricted entry and exit
C) consumer knowledge about prices charged by each firm
D) higher prices being charged for certain name brands

D

Economics

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The Keynesian short-run aggregate supply curve is demonstrated graphically as a

A) vertical line. B) horizontal line. C) upward sloping curve. D) downward sloping curve.

Economics

Special-interest programs are highly attractive to vote-seeking politicians because

a. these programs are highly efficient, and therefore, they tend to enhance the general welfare of the populace. b. members of special interest groups favoring these programs are less likely to vote than the taxpayers who pay for them. c. low-income recipients are the primary beneficiaries of special-interest programs. d. members of special interest groups favoring these programs feel strongly about them while most other voters are rationally uninformed about them.

Economics